Ministry of Commerce: It is not appropriate to deduce the total amount of the entire year based on the first batch of rare earth export quotas

The Ministry of Commerce announced on the 28th that the first batch of rare earth export quota for 2011 was 14,446 tons, which was a decrease of approximately 11.4% from the first quota of 16,304 tons last year.

The person in charge of the Foreign Trade Department of the Ministry of Commerce stated that to facilitate the normal operation of the rare earth trade, the Ministry of Commerce had issued the first batch of rare earth export quotas for 2011 in accordance with the practice of previous years when the total amount of export quotas for 2011 was not yet finalized. It is not appropriate for all parties to estimate the total amount for the entire year based on the number of export quotas issued this time.

The responsible person also pointed out that for the 2011 total amount of rare earth export quotas, the relevant departments are currently in consultation. China will take into consideration factors such as rare earth production, domestic and international demand, and the need for sustainable development. After the quota amount is determined, the Ministry of Commerce will release it in time.

According to the announcement, the number of the first batch of export enterprises that obtained export quotas in 2011 was 31, an increase of 9 from 2010. The companies include Sinosteel Group, Minmetals Nonferrous Metals, Baotou Steel Rare Earth (65.86, 0.97, 1.49%) and other companies.