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China Trade Mag (Chinese Trade and Business)

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.

About Craig Hill

Teacher and Writer. Writing has been cited in New York Times, BBC, Fox News, Aljazeera, Philippines Star, South China Morning Post, National Interest, news.com.au, Wikipedia and others.

Discussion

One thought on “China strengthens monopoly in rare-earth minerals

  1. Reblogged this on iLook China.

    Posted by Lloyd Lofthouse | March 22, 2012, 09:51

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