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[Ferro-Alloys.com] China’s biggest rare earth producer, Inner Mongolia Baotou Steel Rare-Earth Group, has reported a net profit decline of 71.7% year-on-year to $11.26 million.

In its first quarter results released this week, the company also reported that revenues had almost halved, down 52.8% from the same period last year, to $175 million.

Baotou Steel Rare-Earth Group blamed the slump on poor sales and weak prices in a market that has suffered due to reduced quotas, suspended production and increased smuggling.

According to Chinese publication Xinhua, an executive from Baotou said producers were worried that the cancelling of regulations on exports would exacerbate problems in the sector, causing a further price slump.

This after the World Trade Organisation (WTO) ruled on 26 March that China’s restrictions on rare earth exports contravene the organisation’s rules, meaning China may have to relax controls in future.

In the past, abundant, low-cost supply was possible in China due to inexpensive labour and lax environmental legislation, which the country has tried to correct for in recent years by slashing export quotas and introducing trade restrictions.

But in 2012 the United States, European Union and Japan lodged a complaint with the WTO, saying the restrictions were damaging industries and forcing companies to relocate to China. The WTO’s March ruling found that the tariffs, quotas and restrictions imposed by China breached relevant regulations. (Xinhua)

• [Editor:Yueleilei]