Rare earths exports down 8 % year-on-year

Exports of rare earth metals in China between January and October were at 44,974 tons, a drop of 8.2 percent year-on-year, said the China Customs Statistics Information Center.

The value of exports over the period declined 64 percent to $755 million.

Exports were 3,809 tons in October, up 12.4 percent from September.

Exports of rare earth metals in the first nine months did not reach even one-third of the quota for the year, the lowest level in a decade.

Prices of the 17 elements widely used in high-tech products, such as hybrid car batteries, have taken a dive from its peak last year.

To stabilize prices amid the sluggish market demand, Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-tech Co — China's largest rare earths producer — has partly halted production for a second month, and raised purchasing prices by 10 to 13 percent on Wednesday.