Six government agencies started a crackdown on illegal production and sales of rare earths from August to the end of December, he said.
Gan Yong, vice-head of the China Academy of Engineering, said at a rare earth forum in Baotou that the average prices in the second half of the year will not be higher than the level seen in the first half, after they hit a record in June. He said China should establish a rare earth index, such as the iron ore index, to accurately reflect the market. The index should be based on different sources and comprehensive elements.
- Hitachi Metals said it has agreed to buy more rare earth metals from Molycorp of the US, even though it has abandoned the idea of a joint venture to manufacture neodymium magnets. The Colorado-based miner has a rare earth mine in California. Hitachi will now manufacture the magnets in the US by itself.