Date
20 October 2017

Smuggling threatens rare earth industry, Xinhua says

China’s illegal rare earth trade is the biggest threat to the industry in the country, Xinhua reported Sunday, citing Zhang Zhong, general manager of Baotou Steel Rare Earth Hi-Tech Co. Ltd. According to the Baotou Rare Earth Research Institute, the domestic and international markets are awash with illicit supplies, pushing down prices and undermining the industry, the report said. The comments follow the discovery that one company in Baotou, Inner Mongolia, had smuggled 130 metric tons of rare earths valued at 14 million yuan (US$2.3 millio) to Vietnam in the last year.

– Contact HKEJ at [email protected]

CG/SK

 

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