Proactive Investors - China’s Ministry of Commerce on Tuesday asked exporters to report transactions of strategically important rare earth metals and oxide products, the South China Morning Post reported.
The media outlet also noted that importers of crude oil, iron ore, copper ore concentrates and potash fertilizer have also been asked to report orders and shipments, although rare earths are the only item on the export reporting list.
Under the new regulations, traders will need to provide real time reports, including country of origin information, the date any contract was signed, the quantity, the date the shipment was loaded, as well as shipment and arrival details and the port of arrival for customs clearance.
The new requirements will last for two years starting from October 31.
China’s Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exporters has been assigned to collect, compile and analyze the data, which will be sent to the commerce ministry.
Rare earth elements are a group of 17 chemical elements that include lanthanum, cerium, and praseodymium and are essential for a variety of applications such as electronics and advanced weaponry.
China is the world’s largest supplier of rare earths and accounted for 70% of global mine production of rare earths in 2022 according to United States Geological Survey (USGS) data.