Appeal to boost rare earths importsAugust 22nd, 2012 - 3:41 pm ICT by IANS
Beijing, Aug 22 (IANS) China should increase imports of rare earths, especially the medium and heavy variety, to meet demand and save dwindling resources, an industry leader has said.
Companies should be encouraged to explore the possibilities of boosting imports of rare earths, the China Daily quoted industry leader Liu Yinan as saying.
Liu is vice-chairman of the China Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exporters.
China is the world’s largest producer, and consumer, of rare earths, a group of 17 chemically similar elements crucial to the production of high-tech products.
With just 23 percent of global reserves, China accounts for more than 90 percent of the world’s rare earth supplies.
Global demand for rare earths is expected to rise sharply and China’s demand will grow even faster, Liu said.
Global demand was about 110,000 metric tonnes last year. China exported 16,900 tonnes and consumed about 83,000 tonnes last year.
Light rare earths are used to produce products such as car glass, while medium and heavy rare earths, which are more expensive, are used in more advanced manufacturing, such as for turbines and chips.
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Tags: advanced manufacturing, beijing, car glass, chamber of commerce, chemicals, china chamber of commerce, china daily, chips, dwindling resources, global demand, global reserves, importers, industry leader, liu, metals, minerals, possibilities, rare earth, turbines, vice chairman