Rare earth shares surge on import restrictions
By Zheng Xin | China Daily | Updated: 2019-05-21 07:31
Prices of rare earth firms listed on the A-share market surged on Monday after reports that China has extended the ban on imports of medium-to-heavy rare earths, including dysprosium oxide and terbium oxide, from Myanmar.
Share prices of Innuovo Technology Co, Ningbo Yunsheng Co Ltd and Yantai Zhenghai Magnetic Material Co Ltd, all rose by the 10-percent daily limit on Monday, though the benchmark Shanghai Composite Index dropped by 0.41 percent to 2870.60 points.
Imports of rare earth-related commodities were halted from May 15 by Tengchong Customs in Yunnan province, the sole entry point for rare earth shipments from Myanmar to China.
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