SHANGHAI, Sept. 26 (SMM) –

Chinese Economy Bottoms Out
The Chinese economy has bottomed out, as has been reflected in a draft of upbeat economic indicators in August, said Liu Shangxi, an expert from the Ministry of Finance.

China’s exports, investment, consumption, industrial output and manufacturing PMI all pointed to growth in August. However, the world’s second largest economy is still facing an enormous challenge in its future economic growth from a long-term perspective.

Rumor Says SRB will Buy Rare Earth in October
Rumor is circulating that China’s State Reserve Bureau (SRB) will buy rare earth soon. SMM has summarized the rumor in five aspects as below:
 
1. Rare earth procurement prices by the SRB may be slightly higher than market prices.

2. The SRB will mainly buy medium-heavy rare earth such as dysprosium oxide, terbium oxide and europium oxide, as well as a small amount of light rare earth including didymium oxide, praseodymium oxide and neodymium oxide.

3. A total of 10,000 tonnes of rare earth will be bought – 1,200 tonnes of dysprosium oxide, 300 tonnes of erbium oxide, 500 tonnes of terbium oxide, 500 tonnes of europium oxide, 2,500 tonnes of yttrium oxide, 4,000 tonnes of didymium oxide, 500 tonnes of praseodymium oxide and 500 tonnes of neodymium oxide.

4. Six rare earth producers will be the potential bidders: Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co., China Minmetals Rare Earth Co., China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Chalco Rare Earth Co., Guangdong Rising Nonferrous Metals Group Co., and Ganzhou Rare Earth Group.    

5. Bid invitation will take place in October.