SCMP: China’s rare earths facing ‘race to the bottom’ due to underpricing
Mon March, 2021, Age: 2 years
China’s Ministry of Industry and Information Technology reported that rare earth prices were falling as exports were curbed by the coronavirus pandemic and as domestic producers over-harvested rare earth materials. Xiao Yaqing, spokesman for the Ministry of Industry and Information Technology, said, “Our rare earths did not sell at the ‘rare’ price but sold at the ‘earth’ price … because of competitive bidding, which wasted the precious resource.” Rare earth is a group of 17 minerals used in military equipment, consumer electronics and electric vehicles. While vital in their application to cutting edge technology, they are, as there name would suggest, exceedingly rare. The bulk of the global supply of rare earths are found in China.