On January 21st, in the first routine press conference of Ministry of Commerce in 2015, Shen Danyang, press secretary, indicates that according to change of domestic and foreign market, approved by State Council, Ministry of Commerce decides to cancel export quota of rare earth from January 1st and retains export tariff till May 2nd, 2015.
This means that after the elimination of export quota, timetable of export tariff of rare earth which draws much attention has been eventually specified.
In recent years, China government makes full use of economic and market means, takes a series of measures, strengthens export management of rare earth permanent magnets and promotes sustainable and healthy development of neodymium rare earth magnets industry in order to effectively protect and reasonably use rare earth resource, standardize market order, change development mode and realize industrial upgrading.
Shen Danyang says that cancel of rare earth is a trade policy choice for coordinating foreign and domestic market and two resources, which is not only a measure for reform of rare earth permanent magnets resource management, but a policy regulation for WTO’s ruling.
He declares that China will continue protecting resource products, promoting environmental protection, vindicating fair competition and realizing sustainable development according to WTO rules.
But comparing with elimination of rare earth export quota, export tariff attracts more attention, because the latter will bring larger impacts on rare earth neodymium magnets , even the whole rare earth market. “Abrogation of rare earth has less influence on current market. But if export tariff is abolished, government will also regulate the resource tax. Rare earth is national strategic resource, of which price will not drop back to low level. China will regulate export volume and price of rare earth in every respect.” Du Shuaibing says when interviewed by The First Financial Daily.
So far, six big rare earth manufacturers have acquired approval from Ministry of Industry and Information. From now on, production, sales and circulation of rare earth permanent magnet industry will become more standard and orderly. In addition, from May, 2015, related departments have stricken illegal mining and smuggle of rare earth for four years. Especially in 2014, 8 ministries including Ministry of Industry and Information cracked down on illegal behavior of rare earth, which can to some extent counteract negative impact on elimination of export quota and export tariff.
What’s worth paying attention to is that resource tax of rare earth should be increased, and that can fill the gap of cancel of rare earth export tariff.
Du Shuaibing analyses, “Increase of rare earth resource tax brings influence on separation cost of rare earth. Specifically, it increases regular cost of legal rare earth neodymium magnet manufacturers. But with advantage of cost, illegal rare earth manufacturers will become more rampant.”
Therefore, the future working focus is to fight against private mine and reduce market supply. Besides, through big groups’ integration, rare earth industry will be further managed. “Government can control rare earth in many aspects. For a long term, the important role of rare earth can not be neglected and it will have a good developing trend.”
China Rare Earth Magnet Limited
Tags: China Magnet, Permanent Magnet, Neodymium Magnet
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