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[Ferro-Alloys.com]China may abandon its controversial export quota on rare earths and instead hike its resource tax on the highly sought after minerals, local media reported last Friday.
Regulators have discussed the move with industry representatives, China Business Journal reported, citing an industry source. The report also hinted at a loosening of regulation once the ongoing consolidation of the rare earths sector is complete.
The World Trade Organization (WTO) last month launched an investigation of the export quota after the US, EU and Japan complained that the measure favored domestic buyers.
China has imposed a quota on rare earth exports since 1996, but drastically reduced the size last year, citing environmental reasons and the need to conserve resources amid rocketing global consumption of the minerals and a growing illegal mining problem.
Despite the reduction, only about 61 percent of last year’s quota was used, and customs data show China’s exports this year fell 42.7 percent year-on-year in the first half to 4,908 tons. High prices for the metals have encouraged overseas buyers to look for substitutes or cut usage.
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