Asia Bizz: Sony Corporation of Japan has said that China’s decision to reduce the rare earth quota exports, has blocked the free trade concept itself and now the company will start working on alternate means, which includes depending on other resources rather than rare earth minerals imported from China, which is used to manufacture electronic gadgets.
The comment by the Sony Corp. has come only a few days after China declared that it will be reducing rare earth exports by 35% during the first half of 2011. Even though the company says the it will avoid importing rare earth minerals from China, but the company will need resources to give a finishing touch to its gadgets and devices.
Sony has said that as of now the cut in exports has not affected the company on large scale but if this will continue in the future, then it will surely affect the prices of the finished goods in the market. The company spokesperson has that they will be looking into alternate materials that will be needed to manufacture electronic devices, this will eventually reduce their dependence on China’s rare earth mineral imports.