Daido to Triple China Rare Earth Magnet Output

Bloomberg reports that Japan’s Daido Electronics, the world’s fourth-largest rare-earth magnet maker, plans to triple output in China so it can boost international sales and gain ground on its three bigger domestic rivals.

The market news is quoted as saying:

Daido is accelerating expansion in China, which produces more than 90 percent of the rare-earth minerals used globally in products ranging from BlackBerrys to Toyota Motor Corp.’s hybrid cars amid growing concerns over supplies after recent disruptions to Chinese shipments and tightening export quotas.

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