The security of access to rare earth elements continues to be uncertain in 2012, as the vast majority of global supply remains under Chinese state control. Chinese export quota restrictions were a key factor behind the surge in rare earth oxide (REO) prices in the 12 months up to July 2011. However, the second half of 2011 brought with it lower demand from importers such as Japan and, by the end of the year, many Chinese exporters did not use up their allotted quotas.
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