It was learned from authoritative sources that the preparatory materials for the China Rare Earth Industry Association were approved by the Ministry of Industry and Information Technology at the end of July and are currently awaiting final approval by the Ministry of Civil Affairs and other functional departments. This means that the establishment of the association has entered the sprint phase.
The reporter also learned that the proposed president of the rare earth association is likely to be the vice president of the Chinese Academy of Engineering and the chairman of China Steel Research and Technology Corporation. According to industry analysis, this indicates that the rare earth industry will be increasingly valued by the regulatory authorities, and the organization structure and management structure of the association also indicate that leading enterprises will have greater voice in the future.
The association is preparing to enter the sprint stage
"In late July, the Ministry of Industry and Information Technology approved the application materials for the establishment of the rare earth industry association, followed by procedural work." An authoritative person from the Rare Earth Association's Preparatory Committee revealed that the preparatory work for the association has entered a sprinting stage.
It is noteworthy that the China Rare Earth Association is based on the standards of the national first-level industry associations. The final authorities are most likely to be the Ministry of Industry and Information Technology, not the China Nonferrous Metals Industry Association. This means that although rare earths are a branch of non-ferrous metals, the Rare Earth Association will have a greater say in the trade associations of other non-ferrous metals such as copper, aluminum, lead and zinc.
Authorities in the industry said that the association will provide production guidance, market research, industry management, intermediary services, and trade friction warnings for enterprises to play a role as a “bridge†between enterprises and the government and domestic and foreign markets. In addition, the association can also exert greater influence on the key issues of the rare earth industry in the form of organizations, such as export prices and export quotas.
Leading companies compete for the right to speak
Insiders of the China Nonferrous Metals Industry Association told reporters that the establishment of the rare earth industry association once encountered resistance. Due to the high level of preparation of rare earth associations, it will have an important impact on policy formulation. The competition among the major domestic rare earth enterprises for the right to speak of the association has been heated up. The focus of the dispute includes all aspects of the association level, organizational structure and personnel appointment and dismissal.
"The crux of the problem lies in the checks and balances between the various companies. Everyone wants a little more say." The above-mentioned sources revealed that the association was not formed in the form of a third party, but was directly initiated by some large companies. Since the association will have a great impact on various policies and measures for the development of related enterprises in the future, several companies are arguing over the distribution of power.
In the face of controversy, the high-level people of Baotou Steel Rare Earth (46.53, -2.27, -4.65%) responded to this reporter: "Industry associations are initiated and played a leading role by large enterprises, and SMEs are widely involved in foreign countries. The formation of the three parties is also inseparable from the enterprise."
China is responding to 90% of its supply with rare earths that account for 20% to 30% of the world's reserves. Among them, medium and heavy rare earth elements such as lanthanum, cerium, lanthanum, cerium and lanthanum are basically unique to China. As the strategic value of rare earths is increasingly being discovered, China's rare earth industry is experiencing a golden period of policy.
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