China scraps rare earth export quotas to comply with WTO ruling

China has scrapped its quota system for exports of rare earths minerals after a World Trade Organization ruling last year said the restrictions hampered free trade, dpa cited Chinese state media as reporting Monday.
Details on the change was first included in the Ministry of Commerce's trade guidelines for 2015 released at the end of December, according to Shanghai Securities News.
Exports of rare earths will require a licence issued according to trade contracts but there will be no restriction on amounts sold abroad, according to the online Ministry of Commerce statement.