China lowers first half 2014 rare earth export quotas
December 17, 2013
China’s Ministry of Commerce (MOFCOM) has announced the first round of 2014 export quotas for country’s producers of nonferrous metals including rare earths.
The reported total allocation of 15,110 tons, comprising of 13,314 tons of light rare earths and 1,796 tons of medium and heavy rare earth metals, is slightly down on last year’s first export quota set at 15,499 tons.
It was also reported that, according to MOFCOM, one company that usually receives export-quota allocations, Inner Mongolia Baotou Hefa Rare Earth Co., will not be given a specific allocation until it has rectified environmental issues at its facilities.
More than 90% of the global demand for rare earths is supplied by China, although its reserves account for just 23% of the world’s total.