China tightens rare metal exports

China takes tighter measures to master its rare metal reserves by cutting quotas for tin, tungsten and antimony in 2008, the Ministry of Commerce stated on Tuesday.

From next year, China will cut its tin exports to 33,300 tons from 37,000 tons of the previous year.

The export quota for tungsten will also be cut down to 14,900 tons from 15,400 tons, coupled with antimony of 59,900 tons against 61,800 tons.

The ministry also set molybdenum and indium export quotas at 26,300 tons and 240 tons, respectively.

China has been a leading exporter of nonferrous metals, rich in such rare metal resources as tungsten, tin and molybdenum. As the economy grows at an overwhelmingly fast rate, the demand for energy resources and raw materials jumped tremendously.

With an aim of building a steady and healthy economy, experts suggest that the country should set a new agenda for establishing strategic rare metals reserves.

China will raise the export quota for silver to 4,800 tons from 4,500 tons this year.