China will soon consult with the United States, European Union and Japan on the nation's export restrictions on rare earths, tungsten and molybdenum.
US President Barack Obama announced on Tuesday that the United States, joined by Japan and the European Union, has filed complaints with the World Trade Organization over China's rare earth export quotas.
China's restrictions on rare earth exports are justified and are in line with World Trade Organization rules, Shen Danyang, spokesman for the Ministry of Commerce, said Thursday.
Protecting the environment and the efficient management of resources were the factors that shaped China's rare earths policy in accordance with global trade rules.
The US decision to bring a lawsuit against China over its rare earth export quotas is likely to hurt bilateral trade ties and trigger a backlash from China instead of settling the rift.
China is likely to export more rare earths this year as the demand for them increases amid a decrease in their price and as the country maintains the export quotas, according to a former official in the industry.
China will develop rare-earth-based new materials during the 2011-2015 period, in an effort to boost manufacturing capacity.
An association in China's major rare earth reserve region on Wednesday denied Japanese media reports claiming that it has agreed to cooperate on mineral business with its Okinawa counterpart.
China's premier said Friday that the country does not discriminate against foreign companies in terms of rare earth supplies, stating that policies and quotas for both domestic and foreign companies are the same.
China is ready to respond to possible complaints over its rare earth export restrictions at the World Trade Organization, a Ministry of Commerce (MOC) official said Wednesday.
South Korea saw a greater reliance on China for rare earth supplies in 2011, with China accounting for nearly 80 percent of South Korea's rare earth imports, customs data showed Monday.
China has set the first tranche of rare earth export quotas for 2012 at 10,546 metric tons, the Ministry of Commerce said.
The Ministry of Commerce on Tuesday announced the first batch of rare earth export quota for 2012, totaling 10,546 tons.
China will introduce a special value-added tax invoice for the rare earth sector "as soon as possible" in order to further crack down on the illegal mining and over-exploration of rare earths, a government official overseeing the sector said Wednesday.
A list of the first 15 rare earth metal enterprises that have passed the ministry's environmental protection check.
The consumer product giant Unilever said that it had recalled and destroyed a batch of Lipton tea bags - one of its branded products - in response to the charge that they contained impurities.
China may introduce specialized invoices for designated rare earths producers starting this month, which could trigger panic selling by small companies on the domestic market and lead to a short-term price plunge, industry insiders said.
South Korea's dependency on Chinese supplies of rare earth materials seems to have grown, driven by an increase in demand on the back of stable prices in China.
The share price of Baotou Steel Rare-Earth Hi-tech Company, China's leading rare earth producer, plunged after it announced that its rare earth refineries would suspend production for one month.
Baotou Steel Rare Earth International Trade Co will purchase praseodymium neodymium oxide, a rare earth element, for its reserve, a move aimed to stabilize the rare earth market.
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