SHANGHAI, Apr. 2 (SMM) – Here are six major reports about China’s rare earth market in the past week.
Japan's Rare Earth Discovery Not to Threat China’s Supremacy
Japanese research group found deposit containing rich rare earth of high grade in the seabed around Minami-Tori-shima island. Whether that claim is true or not, it will not be a threat to China’s supremacy in global rare earth market, instead, the discovery tallies with China’s control over rare earth exports against the economic transformation.
China Rare Earth Export Volume Tripled in February
China's rare earth exports increased sharply by 289.12% YoY to 1,106 mt in February, but prices were down from a month ago.
Two Ministries to Support the Rare Earth Industrial Upgrade
The Ministry of Finance and Ministry of Industry & Information Technology released jointly the Regulation Plan of Special Funds for Rare Earth Industrial Upgrade, requiring that the special funds will be used for supporting technology, R&D, industrialization, and construction of technology forum in rare earth sector.
MLR: Standards on Minerals of Strategic Importance Including Rare Earth to Be Formulated in 2013
The Ministry of Land and Resources (MLR) held a press conference titled “Reserves of Petroleum, Natural Gas and Major Solid Mineral Resources in China during 2012” on March 27. According to the press conference, standards on mining recovery rate, mining dilution rate and dressing recovery rate in mineral resources of strategic importance including iron ore, copper ore, lead ore, zinc ore, rare earth and sylvite will be formulated this year.
National Team to Be Established for Rare Earth R&D
China possesses the richest rare earth resources in the world, but has been exporting rare earth as raw materials in a long time due to backward technologies. The Beijing Nonferrous Metal Research Institute announced the National Rare Earth Material Research Center has been approved, which will lead to a shift of China’s rare earth industry development from raw material exports to exports of high-technology rare earth products.
China to Push New Rare Earth Regulations
The rare earth litigation against China launched by the WTO will be decided by the end of the year. Market players believe China will have little chance to win the case, and predict China's management system to the rare earth industry will change, with new regulations expected to be released.