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8/11/2015 by mdc
Hongpo Shen reports that China customs administration published preliminary exports data on Saturday, shows that the country rare earths exports in July, by volume, climbed to a three-year high on a monthly basis. The soaring exports comes at a time of general anxiety in the Chinese rare-earths industry, where the Beijing failure to control rare earths, have resulted in a collapse in rare-earth prices.

Following two consecutive monthly increases (2618 tons in May and 3219 tons in June), in July alone, China rare earths exports surged 103.39% year on year to 3,659 tons, hitting the highest level since 2012. However, with an average export price of USD $ 11,191.03 per ton in July, China rare earths exports prices fell about 17.69% from the previous month and dropped about 20.68% from a year earlier.

China totally exported 17,540 tons of rare earth in the first seven months of the year, which was a 10.3% increase compared with the same period in 2014; meanwhile the rare earths exports value fell 7.4 % year over year to USD$ 212.8 million in the first seven months of 2015, according to data released by the China customs administration.

The ACREI (The Association of China Rare Earth Industry) spot rare earth price index tumbled nearly 10% again to five-year lows in July, after a failure of many new measures on Beijing efforts to prop up Chinese rare earth prices over the past few months. Currently, the collapse in rare-earth prices has been blamed primarily on rampant illegal production. The illegal mining of rare earth causes oversupply and suppresses the market price. Xin Guobin, vice Ministry of Industry and Information Technology (MIIT) said at a recent rare earth forum held in Baotou.

At least 40,000 tons of rare earth elements were illegally mined last year, while legal production stood at 110,000 tons. said Chen Zhanheng, deputy secretary-general of the ACREI.

Also see: http://www.mining.com/most-chinese-rare-earth-miners-running-at-a-loss-report/

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