SHANGHAI, March. 22 (SMM) - when demand and prices are placed at the low level, it is not surprised that rare earth industry has shrunk for its 2012 performance.
Xiamen Tungsten (600549.SH), said at its earliest stage that its 2012 net profit attributable to shareholders of listed companies accounts for 520 million yuan, 48.71% down compared with last period. As a representative of the Southern Rare Earth, Rising Non-ferrous Metals(600,259. SH), was followed by net profit decline of 60%-80%; Northern Rare Earth giant was also suffering a decrease in net profit decline. On 30 January 2013, the notice issued performance Baotou Steel Rare Earth (600111.SH), said the company's net profit is expected to fall by 50% -60%. Assistant to Chairman Zhang Rixin in Baotou Steel Rare Earth explained, the company's raw material procurement costs increased, coming up with a substantial decline in the price of all kinds of rare earth products, along with decreasing market turnover, making the 2012 depressing performance.