China to Cut Rare Earths Exports

China has once again said that the country will cut its exports of rare earth minerals by nearly a third in 2012. The country said the same thing last year, when it announced a one-third cut to the approximately 30,300 metric tons of rare earth exports in 2010.

As it turned out, China exported virtually an identical amount of rare earths in 2011, and regardless of the latest announcement of a cut, a similar amount is expected this year. The cut announced for 2011 was revised upward in mid-year to bring the total export level in line with 2010 exports and the country is expected to follow the same path this year.

China has this year for the first time split export quotas into light and heavy elements. Heavy rare earths are scarcer and more costly than the light minerals.

Prices have fallen for some rare earth minerals as manufacturers have found cheaper substitutes and the slowly growing global economy has reduced demand.