China will eliminate its export tariffs on rare earths and other metals, the Ministry of Finance said yesterday, ending a policy that caused a diplomatic row and trade dispute.
Export restrictions on rare earths, first proposed as a way to build China’s industry and prevent the depletion of strategic raw materials at cheap prices, flared into an international trade issue after an abrupt reduction in export quotas in 2010 left traders short.
The resulting surge in prices triggered an international debate on the strategic value of rare earths, used in military and high tech applications, and helped revitalise rare earths mining and processing in other countries, including Australia, Indonesia and Malaysia.
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