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www.shcri.com - Rare earth (RE) elements are a collection of seventeen chemical elements in the periodic table of the chemical elements, namely lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd), promethium (Pm), samarium (Sm), europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb), lutecium (Lu), as well as scandium (Sc) and yttrium(Y) that are closely related to lanthanum (La).
Currently, there are near 170 enterprises engaging in rare earth ore exploitation, smelting and separation in China. In 2009, the production of rare earth products in China was 129,400 tons (calculated by rare earth oxide), rising by 3.94% YOY. China's rare earth resources account for about 30% in the world. However, about 95% of the rare earth products in the world are produced and supplied by China. In the 1980s, the rare earth smelting and separation technology popularized by the three state-owned rare earth factories in Baotou, Shanghai and Zhujiang spread over China rapidly. The production capacity of rare earth smelting and separation products also expanded swiftly, far exceeding the market demand and forming the situation of oversupply and low-price competition.
In the 1990s, China began the large-scale exploitation and export of rare earth. With low exploitation cost (ignoring the environment cost), China's cheap rare earth dominates the world market. As a result, most other countries terminated the exploitation of rare earth.
Though China is a large rare earth producing country, the development of Chinese rare earth industry lags behind developed countries. Chinese rare earth enterprises mainly produce upstream and midstream products of low added value, high pollution and high energy consumption. They fall far behind developed countries in the production of downstream expensive rare earth devices and terminal application products.
Due to the extensive management of rare earth resource exploitation and scattered distribution of the rare earth industry, many foreign importers take this opportunity to force down the price. When the global demand for rare earth materials increases year by year, China exported 6,100 tons of medium-end and low-end rare earth products in 1990; the average price was 13,600 USD/ton. In 2009, China exported 36,100 tons of rare earth smelting and separation products, rising by 16.67% YOY. The export value amounted to USD 310 million and the average price was only 8,959 USD/ton.
Chinese government has begun to formulate the Access Conditions of Rare Earth Industry since 2009. In May 2010, Packers Hawk White Jersey the Access Conditions of Rare Earth Industry (Draft for Soliciting Opinions) was published.
In recent years, the concentration of Chinese rare earth industry is improved considerably. A number of large enterprises have set about the M&A of the rare earth industry. In July 2007, Aluminum Corporation of China merged China Rare Earth Exploitation Company and made the rare earth industry its development focus in the Packers Hawk White Jersey future. In June 2008, with the funds of CNY 430 million, Jiangxi Copper Corporation successfully won the mining right in Maoniuping rare-earth-element (REE) deposit, Sichuan. In August 2008, China Minmetals Corporation, Ganxian Hongjin Rare Earth Co., Ltd and Dingnan Dahua Advanced Material Resources Co., Ltd cofounded China Minmetals Rare Earth Co., Ltd.
China practices the quota license administration on the export of rare earth products since 1998. In recent years, Chinese government cuts down the volume of export enterprises, export quotas and annual exploitation volume of rare earth ores. China's Ministry of Commerce declared that the total export quota of rare earth products of domestic-funded enterprises was 50,000 tons in 2005, 34,000 tons in 2008. In 2009, it set the total export quota of 50,145.1 tons for domestic-funded and foreign-funded enterprises. In 2010, it cuts down the export quota to 30,258 tons, including 22,512 tons for domestic-funded enterprises and 7,746 tons for foreign-funded enterprises. The reduction of the export quota leads to the rise of China's rare earth smuggling.
Presently, the rare earth smelting and separation capacity of China is over 200,000 ton/year. In Packers Hawk White Jersey 2009, China's rare earth production came to 129,400 tons and the global rare earth consumption was about 90,000 tons. It is forecast that the production is over 130,000 tons in 2010. It remains difficult to change the situation of oversupply. Though foreign countries enhance the rare earth exploration recently, it will not produce substantive influence on the supply in the rare earth market at present.
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