German Industry Group Warns China May Stop Access to Commodities, FTD Says
German industrial companies are concerned that China may block their access to commodities such as rare earth metals, the Financial Times Deutschland said, citing a document presented yesterday by a lobby group.
Chancellor Angela Merkel’s government needs to develop a “commodities strategy” that secures access to raw materials in the long run, the newspaper quoted Klaus Mangold, the chairman of a lobby group that represents companies doing business in eastern Europe and Asia, as saying.
China’s export restrictions on rare earth metals are an “unfriendly act,” the newspaper quoted German Economy Minister Rainer Bruederle as saying yesterday. A scarcity of metals such as tungsten and germanium is causing difficulties for sectors including wind turbine makers, makers of electronics and car companies, the newspaper said.
To contact the reporter on this story: Rainer Buergin in Berlin at rbuergin1@bloomberg.net
To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net
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