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US report claims China 'manipulating' critical minerals prices; move a 'political tactic' lacking factual evidence: expert

Global Times

By Ma Tong Published: Nov 13, 2025 01:08 PM

A US House of Representatives committee on Wednesday accused China of "manipulating" global critical minerals prices to boost its influence. A Chinese expert condemned the accusation as a "political tactic" to divert attention and fuel panic, saying the attempt goes against market common sense and lacks factual evidence.

The US House Select Committee on China claimed that China for decades has sought to manipulate global critical minerals prices, using its control as an economic weapon to expand its manufacturing sector and its geopolitical influence, Reuters reported, citing a 50-page report from the committee.

The report alleged that China's role as the world's largest processor of many critical minerals has made it nearly impossible for the US and allies to determine the true price of certain metals, including rare earths, according to Reuters.

Gao Lingyun, a research fellow at the Institute of World Economics and Politics under the Chinese Academy of Social Sciences, refuted the report's claims, saying the report is just another example of how certain political forces in the US habitually use political manipulation to smear China.

"Such moves are not based on factual evidence, but are intended to deliberately create panic and provide an excuse for forming encirclement against China," Gao told the Global Times on Thursday.

The expert further noted that global mineral prices are driven by a complex interplay of factors, including supply and demand, market expectations, and logistics costs. Labeling normal price fluctuations as "state manipulation," Gao said, ignores basic economic principles and market dynamics, while masking the US' own industrial anxiety and lack of competitiveness.

The report also alleged that the London Metal Exchange (LME), where many minerals are traded, is susceptible to influence from China, per the Reuters report.

However, the LME rejected the allegation, saying it is subject to the laws and regulations of the UK, where it is based. "All of the LME's key prices are determined on the basis of transparent trading activity from an international participant base," a spokesperson was quoted by Reuters as saying.

The global mineral supply chain is a highly integrated ecosystem, and some US politicians' zero-sum mindset would only further undermine international cooperation, Gao said, adding that rather than producing biased reports, it would be more constructive for the US to focus on boosting its own industrial competitiveness and pursuing cooperation.

Chinese officials have repeatedly criticized some US politicians' smearing campaign against China's regulations on critical minerals. Asked to comment on US claims that China's measures would have broad impacts on multiple global industries at a press briefing on October 16, Chinese Ministry of Commerce (MOFCOM) spokesperson He Yongqian said that the US seriously distorts and exaggerates China's measures, deliberately causing unnecessary misunderstanding and panic.

China's recent rare earth export control measures are legitimate actions in accordance with laws and regulations, and are aimed at improving the national export control system. The goal is to prevent rare earths from being illegally diverted to weapons of mass destruction and other improper uses, and to better safeguard China's national security and global common security, He said.

In late October, Chinese and US delegations held economic and trade talks in Kuala Lumpur, Malaysia, announcing a series of outcomes that both sides have since begun implementing.

The US announced that from November 10, 2025 to November 9, 2026, it would suspend enforcement of the "penetration rule" under its export control regime. During this period, companies listed on the US "Entity List" or other sanctions lists will not automatically face the same restrictions for their affiliates holding more than 50 percent of their shares, according to the MOFCOM.

Chinese authorities also announced a series of adjustments to trade measures, including the suspension of export controls on rare earths, superhard materials, and other strategic resources, as well as a temporary suspension of parts of the 2024 export-control measures targeting gallium, germanium, antimony, and superhard materials exported to the US.

Gao emphasized that China has been working to ensure the smooth operation of civilian critical mineral value chains, actively honoring its commitments, and promoting open cooperation in related industries, reflecting the stance of a responsible major country.