U.S Lawmakers Condemn China’s Restriction on Shipments

U.S Lawmakers Condemn China’s Restriction on Shipments

Following the restriction imposed by China on shipments, Nissan Motor Co., Japan’s third largest carmaker is now hunting for some alternative sources of rare earth minerals.

The Company is said to have decided to bring about reduction in the amount of rare earths being used by it in motors for hybrid cars and explored recycled materials.

Chief Operating Officer Toshiyuki Shiga says that though Nissan has adequate stockpiles of rare earths, yet he is very worried about the current supply situation.

The U. S. lawmakers and officials in Japan and Germany are said to have condemned the restriction imposed by China, which is at present, the producer of almost 90% of the world’s rare earths.

The Ministry of Commerce stated that China had, in the month of July lessened its second-half export quota for the minerals by 72%. And according to the industry participants, it was now intending to restrict exports even further.

Toshiyuki Shiga, an analyst at Moody’s K. K. in Tokyo said "We can't adequately express our concern about the sharp yen rise on our earnings by simply saying... we are worried about it. The company is now working with a sense of crisis”.

All the Companies supplying and providing raw materials and parts to carmakers are said to have about a year’s worth of rare earth stockpiled.

Companies: 
General: 
Business: 

Popular Stories

Researchers record baby humpback whales 'whispering' to their mothers

Revealing a previously unknown survival technique... Read More

Waymo offering free rides to people in its self-driving minivans

Google Inc.’s self-driving car unit Waymo is... Read More

AT&T releasing updates for Galaxy S8, Galaxy S8 Plus

U.S. network provider AT&T is reportedly... Read More

Mobile phones can cause brain tumours: Italian court rules

In a landmark ruling, an Italian court has... Read More

Duluth to host ‘March for Science’ on Saturday

Duluth’s nonpartisan “March for Science” will be... Read More

Americans are more distressed than ever before: study

A new study has revealed that more Americans than... Read More