With a name like Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co., Ltd. it has to be good.
Prices of selected rare earth metals had fallen 50% over the summer after rising 10-fold in the last couple years.
China's Baotou Rare-Earth suspends facilities for one month
China's Baotou Steel Rare-Earth Hi-Tech said it will suspend its smelting and separation operations for one month from Wednesday, in an effort to stimulate the market.
Baotou Rare Earth, China's top rare earths producer, said in a filing to the Shanghai Stock Exchange on Tuesday that the move was aimed at supporting Beijing's efforts to preserve rare earth resources and end a sustained decline in prices.
"In the circumstances of a continuing fall in prices, tepid demand and oversupply, Baotou will halt smelting and separation at its processing units from Oct. 19 to further stabilise the market and balance supply and demand," it said.
Most of China's rare earth prices remained unchanged last week from two weeks ago, but a few in the complex fell -- a sign that the industry is still in a correction cycle from sky-high levels seen earlier this year after Beijing tightened controls over production and mining....MORE
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