Baotou Steel Rare Earth Hi-tech Co., Ltd. (600111.SH) in Inner Mongolia announced to stop supplying rare earth ore concentrate to relevant enterprises for one month and stop separating products production for one month to stabilize the market price of rare earth products.

The prices of major rate earth products like neodymium oxide and praseodymium oxide went in low position and Baotou Steel Rare Earth Hi-tech Co., Ltd. is one of the major suppliers of neodymium and praseodymium products. In order to stabilize the price of rare earth products and protect the long-term interest of rare earth industry, Baotou Steel Rare Earth Hi-tech Co., Ltd. made the decision.

The company said that the total production of the year will not be affected. During the period of the suspension of production, the company will continue to sell products in storage.

The company announced that other products including rare earth selecting, rare earth metal products will remain in normal production. – China Mining