SHANGHAI (Reuters) - China will launch its first spot trading platform for rare earths on August 8, state media reported, in the country's latest effort to improve price discovery and regulate the market better.
The platform, led by China's largest producer Baotou Steel Rare-Earth Hi Tech, will only allow physical trading, the Shanghai Securities News said, without citing sources.
China accounts for more than 95 percent of the global output of rare earths, a group of 17 minerals used in the electronics, defense and renewable energy industries.