Exports of rare earth up by 1.6% times YOY to 2,602.9t in Inner Mongolia in Q1 2017
2017-05-05 18:06:46 [Print]
According to statistics from Hohhot Customs, the export volume for rare earth was 2,602.9t in Inner Mongolia in the first quarter of 2017, up by 1.6 times YOY; the export amount was RMB600 million in total, up by 49.6% YOY.
In March, the export volume was 1,105.1t, up by 1.7 times YOY and 58.9% MOM.
In terms of export destination, the largest export destination was Japan with export volumes to Germany, USA and South Korea up substantially respectively. In the first quarter of 2017, Inner Mongolia’s export volumes of rare earth to Japan went up by 3.3 times YOY while those to Germany, USA and South Korea rose by 3.5 times, 81.1% and 126 times YOY respectively.
In accordance with analysis, China has formally cancelled export quotas of rare earth since January 1st, 2015. Consequently, enterprises can apply to export rare earth through contracts with no need for other documents. Since May 1st, 2015, China has cancelled the export tariff of rare earth, which made it much easier to conclude export deals. In addition, 8 ministries including Ministry of Industry and Information Technology (MIIT) and Ministry of Public Security, jointly conducted a special campaign to fight against illegal activities related to rare earth in order to mainly investigate and deal with illegal activities such as mining without licenses and punish mining and metallurgical enterprises out of plans. With related measures being promoted, the export order of Chinese rare earth industry becomes better and better, which stimulates prices of rare earth to go up.
In March, the export volume was 1,105.1t, up by 1.7 times YOY and 58.9% MOM.
In terms of export destination, the largest export destination was Japan with export volumes to Germany, USA and South Korea up substantially respectively. In the first quarter of 2017, Inner Mongolia’s export volumes of rare earth to Japan went up by 3.3 times YOY while those to Germany, USA and South Korea rose by 3.5 times, 81.1% and 126 times YOY respectively.
In accordance with analysis, China has formally cancelled export quotas of rare earth since January 1st, 2015. Consequently, enterprises can apply to export rare earth through contracts with no need for other documents. Since May 1st, 2015, China has cancelled the export tariff of rare earth, which made it much easier to conclude export deals. In addition, 8 ministries including Ministry of Industry and Information Technology (MIIT) and Ministry of Public Security, jointly conducted a special campaign to fight against illegal activities related to rare earth in order to mainly investigate and deal with illegal activities such as mining without licenses and punish mining and metallurgical enterprises out of plans. With related measures being promoted, the export order of Chinese rare earth industry becomes better and better, which stimulates prices of rare earth to go up.
