First rare-earth products exchange to help stabilize market

China's first rare-earth products exchange is scheduled to launch in early October after a year's preparation. It will help further regulate the market and deliver pricing power, said a senior official on Friday.

China is the largest rare-earth producer and exporter, accounting for more than 90 percent of the world's supply. However, the wild price swings of the resources have had a negative effect on Chinese producers.

"The exchange will help the Chinese rare-earth industry to have a bigger say on prices in the global market," said Gu Ming, general manager of the Baotou Rare Earth Products Exchange, during the Fifth China Baotou Rare Earth Industry Forum held in Baotou, the Inner Mongolia autonomous region.