China may start building rare earths stockpile in Sept -report
BEIJING (Reuters) - China, the world's largest producer and consumer of rare earths, may start building an 18,000-tonne strategic stockpile of the elements in September, the Economic Information Daily newspaper said on Thursday.
Though it has just 23 percent of global reserves, China accounts for more than 90 percent of the world's supplies of rare earths. It has trimmed its export quotas in recent years, angering trade partners who say the curbs are unfair.
"Given the fluctuation of the market and falling rare earths prices, the government should be prudent on the grade, volume and timing of rare earths reserves," the paper, which is run by state news agency Xinhua, quoted an unnamed source as saying.