China seeks to boost market role in pricing of the strategic minerals

China's first rare earths exchange started trading on Friday as the biggest producer of the elements seeks to increase the role of the free market amid criticism overseas for limiting exports.

Baotou Rare Earth Products Exchange in the Inner Mongolia autonomous region began trading europium oxide, praseodymium-neodymium oxide and cerium oxide, it said in a statement. The daily price movements of the contracts, denominated in yuan and for physical delivery, will be limited to a 6 percent range, except for the debut day, which allows for 15 percent, according to the exchange.