China's top rare earths miner halts some output for a month

SHANGHAI: Inner Mongolia-based Baotou Steel Rare-Earth (Group) Hi-Tech Co, China's top rare earths producer, will halt some of its smelting and separation operations for a month in an effort to stabilise slumping prices, it said on Tuesday.

Domestic prices of rare earths, a group of 17 metals which are used in products from smartphones and wind turbines to hybrid cars, have tumbled by around 50 percent since the start of the year as a global economic slowdown hits demand.

"Demand for rare earths has weakened in the second half on the back of the economic slowdown, causing a sustained fall in prices," Baotou said in a filing to theShanghai Stock Exchange.

"To stabilise the market and balance supply and demand, Baotou will halt its smelting and separation of some units from Oct. 23." it said.

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