The three economic leaders US, the European Union and Japan won’t be pleased. After imposing curbs of its rare earths exports, China is set to launch effective August 8 a physical trading platform for rare earths, in a bid to strengthen its hold, if not totally manipulate, the global prices of the essential minerals.
The platform, which will be placed in Baotou city in China’s northern region of Inner Mongolia, will be spearheaded by the Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co., China’s largest rare earths producer by output, the company said in its newsletter. Baotou will be joined by 10 major Chinese rare earths producers. The identities of the other rare earths miners were not identified.