Rare-earth prices have risen as the Chinese export quotas restricted Worldwide supplies for the elements that are used for the manufacture of disk drives, wind turbines and smart bombs.
Prices have climbed 7 times in the last 6 months for cerium oxide, which is used for polishing, semiconductors, and other elements have more than doubled, according to the metal-pages Ltd. in London, which tracks the rare-earth prices.
The actions of the people's Republic of China which produces more than 90% of the world's rare earths, has drawn criticism from the American legislators and officials in Japan and Germany. China reduced its 2-H export quota to the minerals, with 72% in July. it is now further restricting exports, according to industry participants.
U.S. President Barack Obama spokesperson said, the National Security Council staff is investigating reports that China is blocking downloads. " They have seen reports that "the Press Secretary Robert Gibbs told reporters traveling with Obama on a West Coast campaign travel."They are looking for in them, but have nothing they can confirm whether these reports. "
China said the quota reduction was necessary in order to close the polluting mines and still be able to meet domestic demand.It "will continue to deliver rare-earth to the world" while maintaining restrictions "to protect exhaustible resources and ensure a sustainable development", said the Commerce Ministry in a statement yesterday.
Contributes to the increase in prices is an expectation of further restrictions. China is likely to tighten control on the rare earths next year, said Shigeo Nakamura, President of advanced Material Japan Corp., at a Conference in China on Tuesday.
Rare earths are a group of 17 chemically similar metallic elements such as lanthanum, cerium, neodymium and europium. Elements used in radar, the test procedure magnets, mini hard drives in laptops, catalysts for vehicles, electric-car batteries and wind turbines.
Rare-earth mining in the United States will probably not resume until at least late Y 2012 at a mine in Mountain Pass, California, a key source. — Paul a. Ebeling, Jr. www.livetradingnews.com
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