Inner Mongolia's rare earth exports increased by 1.6 times

Data released by the Hohhot customs show that in the first quarter of 2017, rare earth exports reached 2602.9 tons from Inner Mongolia autonomous region, a 1.6 times of year-on-year increase, the Inner Mongolia Daily reported on May 5.

The total exports value is 60 million yuan ($8.72 million), a year-on-year increase of 49.6 percent.

In March, the exports reached 1105.1 tons, a 1.7 times of year-on-year increase, with a ring growth of 58.9 percent, according to monthly statistics.

Of all the exporting countries, Japan occupied the largest export market. There was also substantial increase in the exports to Germany, the United States and South Korea.

In the first quarter, rare earth exports to Japan had a year-on-year increase of 3.3 times, Germany, 3.5 times, the United States, 81.1 percent and South Korea, 126 times.

With relevant measures carried out, the export order of the rare earth industry was regulated, which promoted the rebound of rare earth prices.

It has been learnt that, on January 1, 2015, China officially ended rare earth export quota system. Enterprises can now apply for exports by merely offering export contracts, without needing anyapproval.

On May 1, 2015, the export tariffs on rare earth were eliminated. China’s Ministry of Industry and Information Technology, China’s Ministry of Public Security, with another six ministries and commissions, jointly carried out actions to combat illegal violations and undocumented mining of rare earth products, and also penalized enterprises for illegal mining and smelting.