Mr. Akihiro Ohata, Minister of Ministry of Economy, Trade and Industry (METI) revealed a new governmental policy to secure rare earth resources stably for a long term at a regular press conference on October 1. Mr. Ohata referred to embargo on rare earth export from China to Japan and admitted governmental risk management was insufficient for rare earth supply. The rare earth total provision menu includes (1) technology development for alternate materials and rare earth usage reduction (2) rare earth recycle technology (3) upgrading of rare earth consuming industries (4) development and equity acquisition for rare earth mines, and (5) national stockpile of rare metals and rare earths. METI will factor these provisions into supplementary budget for fiscal 2010 ending in March 2011.
Mr. Ohata emphasized importance that Japan should have a number of rare earth supply sources while promote rare earth recycling within the country. METI also enriches national rare earth stockpile, watching market price and the supply and demand balance cautiously. METI carried out a questionnaire study among Japanese rare earth using companies on September 28. The result will be summarized in the first week of October. At present, Mr. Ohata explained, Chinese authorities restarted acceptance of trade applications from Japanese companies and rare earth shipment partially improved. Mr. Ohata also commented the government was requested by Mr. Hiromasa Yonekura, chairman of Japan Federation of Economic Organizations, on September 30 to establish stable rare earth supply system in earliest.Japan Steel Scrap Composite Prices (Sangyo Press)
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