China strengthens monopoly in rare-earth minerals

Chinese state-owned Baotou Steel Rare-Earth High-Tech Co and Jiangxi Copper Corp, two of China’s largest rare-earth miners, have announced a unified pricing system, according to the China Daily.

China supplies 95% of the world’s rare-earth oxides, so therefore Baotou and Jianxi will virtually control the market, good news for China as it can control use and price by foreign companies.

Yu Zongsen, former secretary-general of the Chinese Society of Rare Earths, was reported as saying “Enhancing the concentration of the rare-earth sector will benefit the Chinese side and give it a bigger say in global markets.”

Since the end of last year, the price of some rare-earths has risen 60% , China Daily added.