China rare earths sales quotas 2012 remains unchanged

China rare earths sales quotas 2012 remains unchanged

1:47 AM, 28th December 2011
China rare earths sales quotas 2012 remains unchanged

BEIJING, CHINA: China, the biggest supplier of rare earths, will keep 2012 overseas sales quotas virtually unchanged after exporters used only half the amount allotted for this year as buyers sought to cut usage and amid complaints over restrictions from trading partners. The full-year quota may be about 31,130 metric tonne. The quota was 30,184 tonne in 2011 and 30,258 tonne in 2010. China supplies more than 90 per cent of the global market.

“After slashing sharply in 2010, China may not be able to cut further because of trade issues with other countries. The 2012 quota will lend support for the prices of some rare earths which are heavily dependent on China’s supplies,” said Kim Gyung Jung, Analyst, Eugene Investment & Securities Co in Seoul.

The Chinese government allocated 10,546 tonne of first-round export quotas to nine companies, including China Minmetals Corp and Sinosteel Corp that have met the government’s environment protection standards, the first-round quotas will account for about 80 per cent of the full-year volume for 2012, the ministry said.

© Bloomberg News 

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