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.
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