China's Baotou Steel Rare-Earth Hi-Tech will join six other firms to invest a total of 70 million (M) yuan ($10.98M) to start a rare-earths trading platform in early August, the firm said in a statement late on Friday.
Each shareholder will invest 10M yuan and hold around 14.29% stake in the company, said Baotou Rare Earth, China's top rare earths producer.
Baotou said the exchange will help to establish a unified physical trading platform, allowing more transparency in prices.
China is the world's top rare earth producer and accounts for more than 95% of the global output. The exchange will help the country exert more control over the pricing of 17 strategically important rare-earth metals on the global market. . .View Full Article