China seeks to halt rare metal exports to US
- 2 months ago
Shares in Chinese companies that mine and sell rare metals, or earths, have soared in earlier trading after Beijing threatened to use exports of metals which are used in electronics as leverage in the trade war with the U.S.
One of the biggest market movers in the benchmark CSI 300 in morning trading was China Northern Rare Earth Group High-Tech, which jumped as much as 8%.
Among the other listed rare earth providers to rise were China Rare Earth Holdings, up as much 40%, and China Minmetals Rare Earth, which rose 9%.
The increase of these stocks comes after China’s powerful planning body appeared to threaten cutting off exports of its rare earths to the U.S.
China dominates the global supply of rare earths, a group of 17 metals with a variety of high-tech applications, which are used in magnets, instrument displays and other strategic applications for PCs, mobile devices ans other electronic products.
Source: Smart Trend Team