China's largest rare earth metals producer said it has suspended its rare earth production for one month in response to a recent price fall
(Beijing) -- Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-tech Co. (SHE: 600111) said on October 18 that it will suspend rare earth metals production for one month.
Baotou Steel Rare-Earth, China's largest rare earth producer, said in an exchange filing that the move is aimed at preventing rare earth prices from further declining.
Industry insiders said rare earth prices soared in the first half, forcing many rare earth users to suspend operations. But prices have fallen in recent months as demand is subdued.
The production suspension by Baotou Steel Rare-Earth may have limited impact on the market, where supply of the minerals is now sufficient, said an executive from Beijing Zhong Ke San Huan High-Tech Co., which uses rare earth metals in production.