China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
China raised its annual rare earth mining output quota by a quarter to a fresh record high in the wake of rising global demand.
China is the world’s dominant producer of rare earths, a group of 17 minerals used in everything from consumer electronics to military equipment. The quotas are closely watched as a supply indicator and are typically issued twice a year.
The full-year rare earth mining output quota has been set at 210,000 tonnes, up 25% from 168,000 tonnes in 2021.
That includes a 100,800 tonnes quota granted for the first batch issued in January and a 109,200 tonnes quota in a second batch announced on Wednesday by the Ministry of Industry and Information Technology (MIIT) and the Ministry of Natural Resources said in a joint statement.
China has raised the annual quota for five years in a row.
The smelting and separation of rare earth quota were set at 202,000 tonnes, up 24.7% from 162,000 tonnes a year earlier.
That includes 97,200 tonnes in the first batch and 104,800 t in the second batch.
(By Siyi Liu and Dominique Patton; Editing by Kim Coghill)
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