SHANGHAI, Jun. 23 (SMM) – Inner Mongolia reported significant growth in rare earth exports this year, possibly due to China’s removal of rare earth export quotas, cnmn reported, quoting head of Baotou Research Institute of Rare Earths.
However, export prices dropped, reflecting persistent sluggishness in global rare earth market.
Inner Mongolia exported 2,207.5 tonnes of rare earth January-May, up 26.7% from a year ago and accounting for 20.7% of the national total. The average export price, however, tumbled 32.7% from a year ago to 330,000 yuan ($53,163) per tonne.
The province exported 621.6 tonnes of rare earth in May, up 44.2% on the year and 7.9% on the month. But the average export price fell 27.5% year-on-year and 12.1% month-on-month to 290,000 yuan.
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