On January 13th — the principal of the Department of Treaty and Law of Ministry of Commerce (MOFCOM) gave a speech on China’s cancellation of export quotas on rare earth elements tungsten and molybdenum. The principal said that the adjustment of China’s exports policy was designed to cooperate with the country’s reform on management of related resource products, including rare earths and to respond to the World Trade Organization (WTO) ruling, Investor Intel reported.
The principal pointed out that the government has constantly adopted a series of measures to strengthen and improve the management on related industries while bring order to rare earth resources. The cancellation of export quotas system, and the replacement of an industry licensing policy has created a better way to coordinate domestic and international markets.
According to the MOFCOM Announcement  No.94, a total of 75 kinds of rare earth products would be required to apply for export licenses, which includes 53 rare earth compounds; 16 rare earth metals; 3 rare earths alloys and 3 rare earth minerals. The customs codes of rare earth compounds and metals increased 17 items, compared with the last year’s 52 kinds of rare earth products. Therefore the rare earth products export will be further specified by export licenses.
The week’s biggest mover on the weekly Rare Earths MMI® was the price of terbium oxide, which saw a 8.1% increase to CNY 3,350 ($539.63) per kilogram. This comes on the heels of a 1.6% decline the week prior. Samarium oxide weakened by 5.9% to land at CNY 16,000 ($2,577) per metric ton. In the past week, the price of neodymium oxide shot up 3.6% to CNY 285,000 ($45,909) per metric ton.
Praseodymium oxide fell 2.4% over the past week to CNY 400,000 ($64,433) per metric ton. The price of dysprosium oxide rose 1.3% to CNY 1,550 ($249.68) per kilogram after falling 1.3% during the previous week. The price of dysprosium oxide rose 1.3% to CNY 1,550 ($249.68) per kilogram after falling 1.3% during the previous week. In the past week, praseodymium neodymium oxide saw its price shift up 1.1% to CNY 288,000 ($46,392) per metric ton.
Closing at CNY 12,500 ($2,014) per metric ton, cerium oxide remained unchanged for the week. Europium oxide prices held steady from the previous week at CNY 1,650 ($265.79) per kilogram. Following a steady week, prices for lanthanum oxide closed flat at CNY 13,000 ($2,094) per metric ton. Rare earth carbonate remained essentially flat from the previous week at CNY 25,000 ($4,027) per metric ton.
At CNY 4,000 ($644.33) per kilogram, the week finished with no movement for terbium metal. Yttria remained essentially flat from the previous week at CNY 34,000 ($5,477) per metric ton. At CNY 270.00 ($43.49) per kilogram, the price of yttrium did not change since the previous week.
The Rare Earths MMI® collects and weights 14 global rare earth metal price points to provide a unique view into rare earth metal price trends. For more information on the Rare Earths MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.