SHANGHAI, Oct. 9 (SMM) –The National Development & Reform Commission (NDRC), China’s top economic planner, cancelled rare earth bid invitation by the State Reserve Bureau (SRB), which was originally scheduled to take place in the week ending September 23, China Securities reported.
It is still unclear as to when the bidding will resume.
Rare earth prices began erasing previous gains after state stockpiling fell through, and prices for major rare earth products remain near record lows at present.
Even if the SRB resumes bidding, there is a good chance that the bidding will fail again since prices to be offered by the SRB might still be below bidders’ floor prices.
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