Chinese enterprises in March increased importation of copper by 29% compared to February 2011. This volume was 304,299 tons.
Compared with March 2010, foreign supplies of this metal in China were declined by 33%. That is, March imports amounted to 456,240 tonnes of copper last year.
It was previously reported, that Chinese companies in February 2011 reduced the import of red metal by 35% compared to January. Thus, volume of imports amounted to 235,469 tons in February.
Recall that China has started forming a strategic reserve of rare earth metals, which are necessary for the production of high-tech goods.
Special storage facilities were built in Chinese province of Inner Mongolia.
The volume of 39 800 tonnes can be stored there. Note that this is the amount of raw materials which China sent abroad in 2010.
However, according to preliminary estimates, the reserves of rare earth metals can grow up to 100 000 tons.
China currently provides up to 90% of the total world output of 17 key rare earth elements.
Half of explored reserves of these raw materials belongs to the PRC.
Chinese authorities decided to reduce export quotas for these metals, since they are necessary for the Industry of China.
The PRC government has reduced export quota of rare earth metals by 11% for the first half of 2011
The quota will be divided between 31 companies of the country. Thus, in the first half of this year, exports of raw materials from China will amount to 14,466 tons.