China's Ministry of Commerce Tuesday announced the 1st batch of Rare Earth export quotas for Y 2012, totaling 10,546 tons.
Eleven companies will share the quotas, including 7 Rare Earth producers and 4 distribution companies, according to a statement on the ministry's website.
All 11 companies have passed environmental inspections. Quotas have been reserved for other Rare Earth enterprises but will not be released until they pass environmental inspections, an unnamed official at the ministry said.
Next year's Rare Earth quotas will remain unchanged from Y 2011 in order to guarantee International market demand and maintain a stable supply of Rare Earth, the official said.
China's Rare Earth exports totaled 14,750 tons during the 1st 11 months of Y 2011, accounting for 49% of the Country's total export quotas.
Rare Earths, a group of 17 elements, are metals widely used in high-tech products ranging from flat-screen televisions to lasers and hybrid cars.
China's Rare Earth sales account for nearly 90% of the Global total.
The Country has been tightening control of Rare Earth supply by restricting output and exports, adopting stringent environmental standards and launching crackdowns on illegal mining activities.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.