2013 Brought “Sharp Drop” in Profits for Chinese Rare Earth Industry

Xinhuanet reported that according to a report from China’s Ministry of Information and Technology, in 2013, the country’s rare earth industry suffered a 28.1-percent drop in profits.

As quoted in the market news:

Industry revenue was close to 77 billion yuan (12.6 billion U.S.dollars) last year, up 7.9 percent, but profits fell 28.1 percent to 7.7 billion yuan, mainly due to falling prices, according to the Ministry of Information and Technology (MIIT).

A silver lining for the industry is progress in restructuring and that market order keeps improving, the report said.

Click here to read the full Xinhuanet report.