Chinese Economy Has Strong Fundamentals; SRB May Buy Rare Earth in October

Sep 12, 2013 20:40

Source:SMM

China's economy is going through a crucial stage of structural transformation and upgrading, said Li Keqiang, the country's Premier.

SHANGHAI, Sept. 12 (SMM) -

Chinese Premier: Chinese Economy Is Stable and Has Strong Fundamentals

China's economy is going through a crucial stage of structural transformation and upgrading, said Li Keqiang, the country's Premier.

China posted its lowest growth in two decades in Q2, 2013, sparking concerns that the world's second-largest economy might be headed for a hard landing.

However, Mr Li sought to alleviate those fears by saying the Chinese economy is stable and has strong fundamentals at the World Economic Forum in the Chinese port city of Dalian.

Raised Rare Earth Production Targets Trigger Speculation of SRB Rare Earth Buying

The Rare Earth Office of the Ministry of Industry & Information Technology (MIIT) agreed to raise rare earth production targets for two subsidiaries of China Minmetals Rare Earth Co., Ltd., which market players believe is due to possible rare earth purchasing by the State Reserve Bureau (SRB).

The 2nd batch of rare earth production targets for 2013 at Ganxian Hongjin Rare Earth Co., Ltd. and Dingnan Dahua Advanced Material Resources Co., Ltd., both of which are subsidiaries of China Minmetals Rare Earth, have been raised to 1,335 tonnes and 800 tonnes from previous 835 tonnes and 600 tonnes, respectively.

Rumors are circulating that the hike in production targets is because the SRB will likely purchase rare earth in October.

Chinese economy

China Minmetals Rare Earth Co.

Ltd.

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Chinese Economy Has Strong Fundamentals; SRB May Buy Rare Earth in October

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