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China may slightly reduce the export quotas for rare earth minerals next year due to slowing global economic growth and the unused rare earth quotas in 2011, reports China Securities Journal, citing Jin Baisong, vice director of the Chinese Academy of International Trade and Economic Cooperation's foreign trade department. The Ministry of Commerce recently released the first batch of 11 qualified enterprises for rare earth exports in 2012. Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech was excluded from the list. Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech had obtained rare earth export quotas of 2,965 tons and 3,220 tons over two batches in 2011. The total quota of rare earth exports granted by the Ministry of Commerce to 31 enterprises in 2011 was 30,184 tons. During the first three quarters of 2011, rare earth exports totaled only 12,000 tons, down 65 percent year-on-year. Insiders estimate the unused quota of rare earth exports for 2011 to be 10,000 tons. According to the report, Baotou Steel Rare-Earth was selling neodymium oxide for about 80 yuan per ton on December 16. During the first half of the year, neodymium oxide prices had risen from 23 yuan per ton to about 150 yuan per ton.
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