China's rare earth stocks buck downward trend

BEIJING, Nov. 13 (Xinhua) -- China's rare earth stocks bucked the downward trend of the broader markets on Tuesday after regulators gave the green light to the first batch of companies under the new rare earth industry entry requirements.

The seven qualified companies included a subsidiary of Inner Mongolia Baotou Steel Rare-earth Hi-tech Co. (REHT), China's largest rare earth producer, according to a brief notice released by the Ministry of Industry and Information Technology late Monday.

Some key names in the sector posted modest gains in the morning session. REHT's share price climbed 0.51 percent to end the morning session at 33.56 yuan (5.33 U.S. dollars). Rising Non-ferrous Metals Share Co. added 1.92 percent to 43 yuan.

The sector has been weighed down this year, as rare earth prices fell from dizzying heights due to weakening demand amid sluggish global growth and new rare earth production coming online.

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