2010-12-20 15:25

BEIJING - China's monthly exports of rare earth metals more than doubled in November to 2,090 tons, bouncing back after falling by more than three-quarters in October, Reuters reported Monday, citing data supplied by China Customs Statistics Information Center.

While the monthly volume remained at the second-lowest level since January, the value of exports continued to skyrocket, topping $121 million for the month, the report said.

That equates to an average export value of $57,903 a ton on a free on board basis, up from $42,255 in October and a fourfold rise since July, according to Reuters calculations.

China cut the export quota by 40 percent this year and plans to trim it further next year, the report said. The central government has already announced increased export taxes on rare earths in 2011.

China controls 97 percent of global supplies of the elements, and the restriction on export quotas have caused alarm among buyers in Japan, the United States and the European Union, the report said.