BEIJING, December 13 (TMTPOST) －China’s Inner Mongolia Autonomous Region plans to launch the world’s biggest rare earth trading exchange and increase its rare earth output value to 100 billion yuan by 2025, Wu Suhai, Deputy Director of the Inner Mongolia Science and Technology Department said at a press conference held by Baotou Municipal Government.
Baotou"s government will support the development of new energy vehicles, rare earth magnets for the wind energy sector and permanent magnet motors. The government of Inner Mongolia will work to build the world’s biggest rare earth trading center and turn it into a national trading hub with functions of rare earth product pricing discovery, information and service, Wu said.
Source: Visual China
Inner Mongolia’s Baotou city is known as China’s “rare earth capital”. It has amassed numerous rare earth products while intellectual property rights have been sought for using them in aerospace, magnetic refrigeration, permanent magnetic motors, hydrogen storage batteries, energy conservation and environmental protection. China’s first rare earth digital trading exchange is located in Baotou city, trading commodities such as rare earth oxide and rare earth metals.
The rare earth industry is important for China as the country’s reserves are estimated to account for around 30% of the world’s total. Rare earth metals are used for manufacturing products such as electric vehicles, wind turbines, consumer electronics and other clean energy technologies. Driven by the development of emerging industries, rare earth prices in China reached a 10-year high in November, according to a news report by Global Times.
Rare earth is part of the U.S.’s plan to rebuild its supply chain. About 80% of rare earth imports into the United States came from China in 2019, according to the U.S. Geological Survey. In March this year, the U.S. Department of Energy announced a US$30 million initiative to tap into the domestic supply chain for rare earth and other important minerals for battery-making, such as cobalt and lithium.
The U.S. was a dominant supplier of rare earth before the 1980s. China was able to replace the U.S. in the rare earth market because of cheaper prices and production transfer.
The U.S. now seeks to rebuild its rare earth supply chain to regain control over the supply and prices of rare earth, which are needed to produce many important products. Rare earth prices can shoot up when China restricts exports to maintain supplies for its domestic industries, which was the case in 2011 and in the 2019 trade war.
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