SHANGHAI, Sep. 14 (SMM) – China’s State Reserve Bureau (SRB) will issue bids to buy rare earth next week and purchasing volume this time will be higher than expected, baiinfo.com reported, citing a source from the country’s four large rare earth groups.
There is a good chance for europium, yttrium, erbium and lutecium products to win bids, the source added. Chalco, Xiamen Tungsten Co., Rising Nonferrous Metals Co. and China Nonferrous Metal Industry Co. will participate in the bidding.
Existing stocks at bidders are not enough to meet demand from the SRB, meaning the SRB will have to purchase additional rare earth from the market. This will give a big boost to rare earth prices, the media said.
Overseas demand will recover in September with ending of summer break in Europe and the US. In domestic market, demand has shown signs of recovery, though a slow one.
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