China has assured the European Union its rare earths shipments to the bloc will not be disrupted, EU Trade Commissioner Karel De Gucht said in Beijing on Tuesday.
Japanese Trade Minister Akihiro Ohata confirmed on Wednesday Chinese shipments of rare earths to his country resumed two months after Beijing halted exports following the breakout of a boundary row.
U.S. and Japanese officials are meeting to discuss whether the U.S. can supply rare earths to Japan. But uncertainties surrounding the American reserves remain, as there are no active mines in the U.S.
China has had a near-monopoly on the production of rare earth metals for years. Recently, however, its market dominance has taken center stage and the West is increasingly expressing concerns.
he first U.S. exchange-traded fund (ETF) investing in companies that produce rare-earth elements and other strategic metals began trading this morning on the NYSE.
Media reports about a Chinese clampdown on rare earths shipments to Japan and the EU will, in all likelihood, permanently alter the global rare earths logistics scenario.
China's Commerce Ministry denied the New York Times report stating the government has extended block on shipments of rare earth to include the United States and Europe, other than Japan, a Bloomberg report said, citing a faxed response from the Ministry.
China's monopoly on rare earth metals gives it an important diplomatic advantage over other countries.