(Corrects percentage cut in quotas in headline, first paragraph and amount in first half of 2010 in second paragraph in story published Dec. 28.)
China cut its export quotas for rare earths by 35 percent in the first round of permits for 2011, threatening to extend a global shortage of the minerals needed for smartphones, hybrid cars and guided missiles.
The government allotted 14,446 metric tons of rare earth exports split among 31 domestic and foreign-invested companies, the Ministry of Commerce said today in a statement. That compares with the first round this year of 22,282 tons and the second round of 7,976 tons, according to previous ministry statements. The government usually issues two rounds of export quotas every year. |