China Argues Rare Earth Price Drop "Unrealistic" -08:16:14 10/05/2011
Li Zhong, the vice-general manager of top producer Baotou Steel
Rare-Earth Hi-Tech Holding, told a conference organized by Metal
Pages that China's role as the dominant global supplier of rare
earths will gradually come to an end as the industry focuses more on
the domestic market. Zhong argues that it is now "unrealistic" for
rare earth prices to fall back to previous levels as Beijing tightens
the sector.
Xu Xu, the chairman of the China Chamber of Commerce of Metals,
Minerals and Chemicals Importers and Exporters, explains that he
hopes "other countries would share the burden" of rare earth
production after depending on China's overmined deposits for a
decade. China has argued that previous production and export levels
were not sustainable in the long term, and have decimated parts of
the nation's environment.
Rare Earth miners worldwide are finally responding to the rally in
prices. Australia, South Africa, Alaska, Canada and Sweden are
considered to have the leading mines in terms of quality outside of
China
.