Inner Mongolia Baotou sees profit drop 73.5% as rare earths prices fall
Published: Tuesday, 02 September 2014
A drop in profits of the world’s largest rare earth producer in H1 2014 reflects the difficulties experienced by all rare earth suppliers, which are struggling to cope with low prices caused mainly by oversupply and illegal mining in the Chinese market.
The world’s largest rare earths producer, Inner Mongolia Baotou Steel
Rare Earth Hi-Tech, saw its profit fall in the first half
of this year, due to shrinking sale volumes and persisting low prices.
The Chinese company’s profit fell by 73.5%
year-on-year (y-o-y) in H1 2014, to Chinese renminbi