SHANGHAI, Aug. 27 (SMM) – Inner Mongolia Baotou Steel Rare Earth (Group) Hi-Tech Co. – China’s largest rare earths producer – registered a 73.52% year-on-year decline in its net profit in the first six months, due to falling prices for rare earth products, according to the company’s interim report.
Baotou Steel Rare Earth made a net profit of 278 million yuan ($45.09 million) in H1.
“The mild global recovery and downside risk facing Chinese economy left rare earth market sluggish in the first half of the year, with prices for rare earth products down further,” the company said in the report.
The company’s revenue from its rare earth products also fell, due to a drop in sales volumes of the pricier didymium products and medium and heavy rare earth products. In addition, it also reported falling income from cerium misch metal exports due to lower prices for the product.
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