Alarm at China's plan for rare earths exchange
Jun 02, 2011 | 06:31 PM
| Catherine Ngai
Tags
rare earths,
China,
Nick Vermeulen,
Ucore Rare Earths,
Pele Mountain,
Al Shefsky,
Catherine Ngai
NEW YORK — A proposed rare earth mineral spot exchange in China has renewed anxiety for players outside of the Asian nation concerned about short supply, even as some welcomed the news.
China’s biggest rare earth producer, Baotou Steel Rare Earth (Group) Hi Tech Co. Ltd., announced at the end of May that it won local government approval to start an exchange to trade rare earths—17 elements used in the production of high-tech products and green energy.
The exchange will be set up in the city of Baotou and will be run with Inner Mongolia Hi-Tech Holding Co. Ltd., China’s state-run Xinhua news agency reported. An earlier report said the exchange would have moderate trading in at least some rare earths. However, it said the government is forbidding the exchange from futures trading.....
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