China Raises Export Taxes of Some Rare Earths to 25%
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China, which supplies more than 90 percent of the world’s rare earth minerals, will raise the export taxes for some elements to 25 percent next year, the Ministry of Finance said.
The move is an increase from the 15 percent temporary export tax on neodymium, used in batteries for hybrid cars including Toyota Motor Corp.’s Prius. Lanthanum, also used in hybrids, and cerium, used for polishing semiconductors, were not taxed in 2010, and will be taxed at 25 percent in 2011, the ministry said yesterday, without giving a reason.