China’s largest rare earths producer said Tuesday it would suspend output at some plants for another month, extending a halt started in late October to try and stem falling prices.
Baotou Steel Rare-Earth will halt firing, smelting and separation of rare earths at its factories in Baotou in the northern region of Inner Mongolia for one more month, it said in a statement filed with the Shanghai bourse.
“The rare earth market recovered slightly in the two months when production … was suspended. But there has been no fundamental turnaround,” it said.
The firm, also called Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech, on October 23 started halting production at almost all of its plants, including two in the eastern province of Jiangxi.
China produces more than 95 percent of the world’s rare earths, 17 elements crucial for making a range of hi-tech products including iPads and wind turbines.
Source: GMA News