China No Longer the Biggest Exporter of Rare Earth Metals

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Back in 2010, China was the biggest exporter of rare earth metals in the world. China held 97% share of the world market in rare earth metal till 2010. But the political dispute with Japan changed the whole scenario for China as well as for the whole world. On the ground of political differences with Japan back in 2011, China restricted its exporters to export rare earth metal in the world market.

As a result, the prices of rare earth metals skyrocketed. The world realized the dependence China for their rare earth metal needs. Different countries of the world decided to find their own means of rare earth metals in their home countries to minimize the dependence on China for their metal needs and most them were succeeded in their efforts. Now China holds only 50% of the rare earth metal industry of the world. This is all due to poor political wisdom of Chinese politicians that they lost more than 40% of the share in the world market. China is trying to restore its position in the international market but I think it is too late to respond.