China begins regulating exports of rare earths for first time

The Chinese Commerce Ministry has included rare earths for the first time in a list of bulk commodities whose import and export will need to be declared, China’s state news agency reported.

According to a circular by the Ministry of Commerce (‘MOFCOM’) on 7 November, ‘Traders need to immediately report the shipment, number and time of bulk commodities that are included in the list.’ The purpose, it said, is to collect data that will help regulate the export of rare earth minerals.

‘Although China has large rare-earth reserves, the development of the industry remains in its early stages, resulting in prices being pushed down to a relatively low level,’ It reported Wang Guoqing, research director at Beijing Lange Steel Information Research Center, adding that she described some minerals as having been traded for ‘cabbage prices’.  

‘As part of the measures to stabilize the country’s foreign trade, Chinese authorities established the statistics mechanism of the import and export of bulk commodities in line with common international practice, according to the circular,’ the report said.

https://www.ecns.cn/news/economy/2023-11-07/detail-ihcutfqs4216693.shtml