Apart from the trading platform it launched to monitor prices of rare earths in the global market, China has proposed to institute a national pricing system for the precious metals that is target for implementation in September.
Japan and Jamaica on Monday have formally launched a pilot project to test the commercial viability of the island's bauxite waste, more known as red mud, for possible rare earth elements.
This, as the world's stronghold of rare earths supplies announced export quotas for 2012 might be reduced to 10,000 tonnes total.
Ma Rongzhang, secretary-general of Association of China Rare Earth Industry, said in China Daily the implementation of the proposed national pricing system will allow the leveling out of price volatility of rare earths in the world market.
The proposal is still awaiting approval from the federal government, Mr Ma said.
Once approved, the rare earths national pricing system will perform an important part in maintaining the viability of China's rare earths sector, China Daily reported.
Meantime, Mr Ma announced China's exports of rare earths for 2012 may only hit 10,000 tonnes, judging from the meager 5,000 tonnes the country shipped out in the first half of the year.
The pronouncement is expected to send jitters to its trading partners that are reliant for China's rare earths. In 2011, total rare earths exported registered only 16,900 tonnes, of which 56 per cent was bought by Japan, 14 per cent by the United States and 10 per cent by France, according to Mr Ma.
For this year, the world expected China to export a total of 31,000 tonnes of rare earths as per its quota system.
Although China produced a total of 96,900 tonnes of rare earths in 2011, it only allowed 17.83 per cent to be exported, the China Daily reported, citing data from China Custom.
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