Rare earth exchange nears opening day.
A PLATFORM FOR BUYING AND SELLING RARE earth metals may begin operating this month.
A report by Xinhua, China's state-owned news agency, quoted Gu Ming, general manager of the Baotou Rare Earth Products Exchange, who said trading systems were being tested and could be ready for a trial run in October.
China's top producer of rare earths, the Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co., was joined last year by several other organizations to form the trade exchange for rare earth metals. The partners together account for about 80 percent of the country's exports of rare earth metals.
According to Gu, the exchange will initially handle spot trading, and may eventually add futures trading. It also expects to publish a product price index.
The exchange is in Baotou, in the Inner Mongolia autonomous region, the current source of about half of the worldwide output of light rare earth metals.
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|Article Type:||Brief article|
|Date:||Oct 1, 2013|
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