China to Speed Launch of Rare Earth Futures Contracts, Shanghai
China to speed launch of rare earth futures contracts, Australia. The metal is a key component of batteries used Shanghai exchange says in cell phones, electric vehicles and other consumer goods. China will accelerate the launch of futures contracts for SQM said late Wednesday profits had plunged in the third rare earths, used in devices such as mobile telephones quarter, ahead of the protests, on sagging prices for the and batteries, an official of the Shanghai Futures key battery metal and softer-than-expected demand this Exchange said on Friday. year from China. The exchange will also hasten its launch of alumina Profits sank 27.5% to $60.5 million in the third quarter, futures, Chen Ye, the head of its commodity department, from $83.5 million a year earlier, the company reported. told an industry conference, without saying which rare SQM said prices had fallen 28%, though sales volumes earth contract would be launched, or when. continued to grow, up 12% through September, and up China is the world's largest processor and producer of 6% over the second quarter. rare earths, a group of 17 elements. Lithium revenues fell 26.4% over the same quarter the After the May breakdown of trade talks with the United previous year, as falling prices continued to offset States, industry participants had speculated China might increasing sales volumes. exploit its dominant position as an exporter of the Ramos said 2019 demand growth would likely hit 14%, minerals. lower than the company´s long-term estimates of 16% to The Shanghai Futures Exchange has been discussing a 20%.
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