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Basic Materials
China says rare earth price gap based onquality, customs
Recommend 2 people recommend this. Be the first of your friends.
By Michael Martina
BEIJING, June 20 | Wed Jun 20, 2012 5:35am EDT
(Reuters) - China denied on Wednesday that it
interferes with prices on the global rare earthsmarket amid a trade dispute with other major
economies, saying product quality variations account
for the price gap between the metals it produces for
export and domestic use.
In March, the European Union, United States and Japan complained to the
orld Trade Organization that Beijing, which has a monopoly over world
supplies of the mineral, illegally choked exports while holding down prices
or domestic manufacturers.
Su Bo, a senior official at China's Ministry of Industry and Information
echnology, said that higherquality demands by foreign firms and
customs costs - not a decree from Beijing - partly explained the steeper
prices paid by foreign companies.
It's like an article of clothing. It could cost 10,000 yuan or 1,000 yuan,
depending on the product quality," Su said, citing industry experts.
Still, Su stopped short of a full explanation for the price difference that has
upset trading partners.
We need to search for an answer, because our government has never
interfered with market prices," he told a press briefing.
Rare earths are key elements in producing modern technologies from
iPhones and disk drives to wind turbines, as well as components for thedefence industry.
China, which accounts for about 97 percent of world output of the 17 rare
earth metals, imposes strict export quotas in what it says is an effort to
curtail environmental pollution and resource exhaustion.
Su sought to emphasise the environmental impact of mining by showing
large photos of barren hillsides apparently stripped during the mining
process.
In a similar case on raw materials in January the WTO ruled against China,
saying that environmental protection is only a valid reason to curtail
exports if China is giving the domestic and international markets equal
reatment.
Refining rare earths requires large amounts of acid, and also produces low-level radioactive
aste. Beijing is quick to note that other countries, notably the United States, have closed their
own rare earths refineries, citing pollution concerns.
The Chinese people believe, after years of supplying so much of the world's rare earths, that we
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