At present, China is embarking on the establishment of a policy of restricting exports and establishing a domestic reserve system to prepare for the future of the industry. Experts in the industry pointed out that China’s rare metal resources are abundant, but due to the large number of exports, by 2020 many rare metal resources will be left behind. Now the government is looking for ways to keep resources in the country, not to lose resources.
Sun Lihui of the China Minmetals Chemicals Import & Export Chamber of Commerce and Mineral Resources Sun Lihui said in an interview with Reuters that the prices of many rare metals in China, including indium, bismuth and tungsten, have risen rapidly in the past few years. Just as these metals have emerged into new uses around the world, China’s rapidly growing industrial demand has led to a decline in the number of exports that can be exported. However, the resources exported by China are very cheap and there is almost no supervision. By 2020, many rare metal resources will be left. This is related to national security.
Sun Lihui said that measures under consideration include the elimination of export tax rebates, strict environmental regulations, and incentives for integration to control blind mining and grey exports. The more critical point is still to extract a certain quantity as a strategic reserve at the time of production of rare metals.
Other considerations in the list of rare metal strategic reserve species include molybdenum, tin, antimony and tellurium. Industry experts point out that many rare metals are by-products of other metals, making it difficult to control their production. The problem we now face is that, as a by-product, these materials may be wasted in tailings, or they may be sold at low prices in order to obtain more profits.
It is reported that Japan is using various channels to "quietly" buy large quantities of rare metals from China, including nickel, chromium, tungsten, cobalt, molybdenum, vanadium, manganese, seven kinds of rare metals, and this range will also be extended to other metal resources. The organization responsible for natural resources and energy under the Japanese Ministry of Trade plans to form a formal association in October this year to review the country’s metal reserve policy. The organization discussed in a July 2004 report that due to the importance of developing information technology, it is necessary to accelerate the inventory of 10 rare metals, including platinum, rare earths and indium.
Some traders said that Japanese companies used to raise the price of indium when they concentrated on purchases. In recent months, they have dispersed orders and purchased small quantities each time.
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