Cut buy 27 per cent why are the media trying to spin it as almost the same,
BEIJING (AP) -- China is cutting its export quota for rare earths as it tries to shore up sagging prices for the exotic metals used in mobile phones and other high-tech goods.
The goverment said Tuesday exporters will be allowed to sell 10,546 tons of rare earths in the first half of 2012. That is down 27 percent from the quota for the first half of 2011.
China accounts for 97 percent of global production of rare earths. Its 2009 decision to reduce exports alarmed manufacturers who need the metals to make mobile phones, lightweight batteries, computer disk drives and other goods.
Rare earths prices in China have fallen as global demand for its exports weakens. The government ordered its biggest producer to suspend production briefly in October to shore up prices.
http://finance.yahoo.com/news/china-cuts-2012-rare-earths-103227570.html
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