China’s Baotou to Buy Up Rare Earth Oxide to Support Prices

Reuters Africa reported that Baotou (SHA:600111) will try to curtail a rare earth price decline by purchasing rare earth oxide at above market value prices.

The market news is quoted as saying:

Baotou, China’s top rare earths producer, said in a statement that the purchase is aimed at preserving the resources and stabilizing a market that has been buffeted by speculative purchases and sales. The company plans to buy the rare earths product via its international trade unit only from producers that have production quotas, the firm added.

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