Around 227,000 tonnes of rare earth products were bought and sold through China's first national rare earth trading platform in 2015, up more than fivefold from the amount in its inaugural year of 2014.

 
Turnover in 2015 reached over 24 billion yuan (around 4 billion US dollars), said the Baotou Rare Earth Products Exchange on Wednesday.

Launched in March 2014 in north China's Inner Mongolia Autonomous Region, the exchange processed 35,000 tonnes of rare earth products, with a turnover of more than 5.6 billion yuan, in that year.
 

More than 100 rare earth enterprises and agents have opened accounts with the exchange, which was started by China North Rare Earth Group Co. Ltd, the country's leading rare earth producer, and another 12 firms and institutions.
 

"This trading platform can help regulate the country's rare earth market and improve the way rare earth product prices are formed," said Yang Zhanfeng, a researcher with the Baotou Research Institute of Rare Earths.
 

Rare earth metals are vital for manufacturing high-tech products ranging from smartphones and wind turbines to car batteries and missiles.