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MNI BRIEF: Chinese Rare Earths Underpriced, Wasted: Minister

BEIJING (MNI)

China's rare earth elements are underpriced due to malicious competition and current prices don't reflect their scarcity, said Minister of Information and Technology Xiao Yaqing at a press conference held by the State Council on Monday.

Last week, U.S. President Joe Biden signed an executive order to start a review of critical product supply chains, including rare earths that are used to make a range of products from sensors to aircraft and rechargeable batteries for electric cars.

China is the dominant producer and supplier of rare earths and the low prices have wasted the resource, Xiao said.

MNI Singapore Bureau | +65 9 632 1991 | sumathi.vaidyanathan.ext@marketnews.com
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MNI Singapore Bureau | +65 9 632 1991 | sumathi.vaidyanathan.ext@marketnews.com
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