Baotou promotes rare earth industry

Based on the comparative advantages of rare earth resources, technology and skilled workers, Baotou, in North China’s Inner Mongolia autonomous region, is striving to promote a series of policies and measures to support the development of its rare earth industry, according to a Nov 22 Baotou Daily report.

The scale of the rare earth industry has been growing in recent years. From January to September this year, the output of new rare earth materials in the city reached 627,000 tons, a year-on-year increase of 26.9 percent.

Among them, 16,027 tons were permanent magnet materials, 1,726 tons were hydrogen storage materials, 7,415 tons were polishing materials, 6,987 tons were catalytic additives, and 595,000 tons were rare earth alloys.

In addition, Baotou Rare Earth Products Exchange was set up in the city to further promote the sales and trade of rare earth products. It opened in March 2014 and is the only e-commerce platform in China where individuals can trade rare earth products.

From January to October, Baotou Rare Earth Products Exchange realized a transaction volume of 80.36 billion yuan ($11.60 billion), year-on-year growth of 158.24 percent.

Baotou Rare Earth Products Exchange [Photo/repe.com]