Northern Rare Earth: no change in rare earth market supply and demand despite rising prices of rare earth products
2017-08-02 16:37:33 [Print]
China Northern Rare Earth Group (“China Northern Rare Earth” or the “Company”) released the inspection results of the abnormal fluctuation in its share prices on the evening of July 31. The Company stated that although prices for rare earth products have risen recently amid modest recovery of demand, leading to better performance results, no substantial changes have been observed in the market supply and demand. Currently, their company runs normally. Prices for PrNd products witnessed the largest rises, while those for LaCr products rose slightly.
The Company has sent a letter to its shareholder Baogang Group (Baogang) to confirm whether Baogang has concealed some important information. As of the date of the announcement, Baogang confirmed that it didn’t hide any important information regarding major asset reconstructing, share issuance, acquisition, debt restructuring, business restructuring, divestitures and asset injection, and promised not to consider these major issues in the next 3 months. The Company's share price rose more than 30% in the first four trading days.
The Company has sent a letter to its shareholder Baogang Group (Baogang) to confirm whether Baogang has concealed some important information. As of the date of the announcement, Baogang confirmed that it didn’t hide any important information regarding major asset reconstructing, share issuance, acquisition, debt restructuring, business restructuring, divestitures and asset injection, and promised not to consider these major issues in the next 3 months. The Company's share price rose more than 30% in the first four trading days.
