China Minmetals Rare Earth starts new mining project in Hunan

China plans to diversify iron ore imports and increase the ratio from independent miners to 50%, according to comments made Wang Xiaoqi, vice-chairman of the China Iron and Steel Association.

“We are looking for a small rebound in the third quarter and a bigger rebound in the fourth quarter.”

The Chinese economy logged 7.6% of growth in the second quarter, falling beneath the 8% threshold for the first time in three years, and hitting its lowest level since the first quarter of 2009, when the global financial crisis was still raging.

Market pressure from high inventories and a flood of cheap overseas supply, as well as the lackluster performance of the Chinese economy were to blame for sending the average price to its lowest point in over two and a half years.

The exchange will be located in Baotou city in Inner Mongolia region, which is home to nearly half the world's light rare-earth output.

"Passage of this legislation is an important step toward recovering the 22,000 rare earth-related jobs the U.S. has lost since the 1980s.”

Giant miner Xstrata has set Sep. 7 as the day for its shareholders to vote on the $26 billion takeover by Glencore, giving the commodities trader six weeks to reach an agreement on the conditions.

Worries about China and the possibility of a hard landing weighed on markets and commodities.

Despite concerns that China may be slowing—or worse—aluminum giant Alcoa still sees robust demand in China for its products and pegs growth at 11% this year.