Rare metal reserve system to benefit leading enterprises
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The Ministry of Industry and Information Technology plans to set up a rare metal reserve system. Leading domestic tungsten and rare earth enterprises, such as Baotou Steel Rare Earth and Xiamen Tungsten, will benefit a lot.
Chen Yanhai, director of the Department of Raw Material Industry under the MIIT, said the MIIT will cooperate with related departments to strengthen the protection of rare metal resources.
China has a large reserve and output of rare metals. But vicious competition and price wars have caused serious wastes of rare metal resources. The establishment of the rare metal reserve system can help standardize operations of the rare metal industry.
China has the world's largest reserve of tungsten, indium and rare earth, accounting for 80 percent of the world's total. China also has rich reserves of molybdenum and germanium.
Chen also said that the MIIT will push for the integration of the rare metal industry to shape an industrial pattern led by large enterprise groups, draft the Rare Metal Management Methods and improve long-term rare metal management mechanisms. The MIIT will also work with other relevant departments to strengthen the guidance and supervision of the rare metal management and establish rare metal coordination mechanisms at and below the provincial level.
The rarity of rare earth resources has aroused special attention. Relevant departments said they will make new rare earth policies to improve the entire rare earth industry level. Though policies are still under discussion, the expectation that the nation will limit the supply of rare earth resources has pushed up prices. As the leading rare earth enterprise in north China, the Baotou Steel Rare-Earth becomes the direct beneficiary.
In support of its tungsten processing industry, China increased the export rebate on deep-processed tungsten hard alloy to 17 percent and reduced the export tariff of primary low-intensity tungsten products from 10 percent to 5 percent.
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