Germany warns of China grip on rare earths market

Germany is calling for better international regulation of the market for rare earths, exotic metals mostly produced by China, stressing that they are essential for the success of key industries.

Economy Minister Rainer Bruederle warned Tuesday at a conference organized by the Federation of German Industry, or BDI, that the market for the metals had become "critical," after China imposed export restrictions on the metals. Rare earths are 17 different minerals necessary in the production of high-tech devices including cell phones, missiles and solar energy panels.

The German warnings are the latest in a growing tussle between China — which produces 97 percent of the world's rare earths supply — and the world's leading economies. Over the past 10 months, China has decreased exports of rare earths by 40 percent.

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