Arab Today, arab today china\s first rare earth products exchange opens
Last Updated : GMT 06:37:29
Arab Today, arab today
Arab Today, arab today

China\'s first rare earth products exchange opens

Arab Today, arab today

Arab Today, arab today China\'s first rare earth products exchange opens

Hohhot - XINHUA

China's first rare earth products exchange opened on Friday in Inner Mongolia Autonomous Region after a three-month trial. The Baotou Rare Earth Products Exchange is expected to regulate the country's rare earth market, improve the way prices are formed and promote development of the industry, said Jia Yinsong, a Ministry of Industry and Information Technology official. The exchange will introduce three spot transaction modes, namely price bidding, listed trading and real-time trading online, with more than 10 trading items including cerium oxide, praseodymium-neodymium oxide and europium oxide. Located in Baotou City, the exchange was initiated by Baotou Steel Rare Earth (Group) Hi-Tech Co., China's leading rare earth producer, and another 11 firms and institutions with a registered capital of 120 million yuan (19.32 million U. S. dollars).x China is the world's largest rare earth producer and exporter, accounting for more than 90 percent of the world's supply. However, the country lacks pricing power in the global market and wild swings in the price of resources have had a negative effect on Chinese producers. The exchange will help integrate resources during their circulation in China and gradually regulate the trading and pricing of them, said Zhang Zhong, general manager of Baotou Steel Rare Earth Hi-Tech Co.. Rare earth metals are vital for manufacturing high-tech products ranging from smartphones and wind turbines to electric car batteries and missiles. Zhang said the exchange will improve transparency of the market and help China secure a bigger say in the pricing of rare earth products to stabilize the market. Zhang Anwen, deputy secretary general of the Chinese Society of Rare Earths, said China has been the biggest rare earth supplier over the past 20 years with huge cost to resources and the environment, but the prices of the rare earths have long been depressed. "Chinese companies have suffered great losses and the whole rare earth industry has failed to develop healthily," he said. Zhang Anwen said countries like the United States, Australia and Canada actually have rich rare earth resources, but are reluctant to exploit them because of the huge costs and environmental pollution that would be incurred. "Even if foreign countries consuming Chinese rare earth products do not say 'Thank you,' they should at least acknowledge that China exports so much rare earth while struggling with the resulting pollution at home," he said. Zhang Anwen made the remarks after the World Trade Organization (WTO) ruled on Wednesday that China's export duty, export quotas, and export quota administration and allocation measures imposed on rare earths, tungsten and molybdenum products were inconsistent with WTO rules and China's Accession Protocol. Besides export quotas, China has also implemented policies including output caps, stricter emissions standards and high resource taxes to curb environmental degradation and protect the resources. "What China is doing is to protect the environment to ensure coordinated development between human beings and resources as well as the environment," said Zhang Anwen, adding that foreign countries should respect China's stance and shoulder common responsibility to establish a diversified global rare earth supply system that would benefit everyone...

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china\s first rare earth products exchange opens Arab Today, arab today china\s first rare earth products exchange opens

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china\s first rare earth products exchange opens Arab Today, arab today china\s first rare earth products exchange opens

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday