SHANGHAI, Mar. 31 (SMM) –China’s rare earth industry underwent a new round of reshuffling after prices of the metal dubbed as "industrial gold" plunged to a record low, ndfeb1688.com reported.
Rare earth prices tumbled 15% on average to an all-time low in 2015, incurring nearly 800 million losses in China’s rare earth industry, according to data from China Rare Earth Market Seminar held on March 24. This marks the second consecutive year of loss.
Such huge losses have forced many small businesses to step out of the market, the media reported.
These losses boil down to overcapacity, highlighting the urgent need to destocking.
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