China’s rare earths facing ‘race to the bottom’ due to underpricing

China’s rare earths are underpriced due to vicious competition and face low resource utilisation, which would lead to a race to the bottom, the country’s industry minister said on Monday.“Our rare earths did not sell at the ‘rare’ price but sold at the ‘earth’ price … because of competitive bidding, which wasted the precious resource,” said Xiao Yaqing from the Ministry of Industry and Information Technology (MIIT).Threats from China, the world’s top producer of rare earths – a group of 17…