Rare earth exports double in November

13:33, December 21, 2010      

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China's monthly exports of rare earth metals more than doubled to 2,090 tons in November, bouncing back after falling by more than three-quarters in October, data supplied by China Customs Statistics Information Center (HK) showed.

While the monthly volume remained at the second-lowest level since January, the value of exports continued to skyrocket, topping $121 million for the month.

That equates to an average export value of $57,903 per ton on a free on board basis, up from $42,255 in October and a fourfold rise since July.

The 17 rare earth elements are used in high-tech electronics, magnets and batteries, with applications in hybrid cars and weapons.

China controls 97 percent of global supplies of the elements but restricts exports with a quota, causing alarm among buyers in Japan, the United States and the European Union.

China slashed the export quota by 40 percent this year and plans to trim it further next year. It has already announced increased export taxes on rare earths in 2011.

Source: Global Times
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