Officials of trade from the US are looking into a report in the New York Times that suggested China is currently blocking huge rare earth shipments meant for Europe and the US.

China is known to mine about 97% of the ample specialist metal that is so important when it comes to aspects of green technology.

The report, citing industry sources that were anonymous, said that the custom officials of China were increasing their export restrictions.

Currently, the Commerce ministry of China has denied another report that was highlighted in the China Daily to the effect that it will be cutting its quotas by 30 percent starting 2011, towards curbing over-mining. The ministry expressed the report was “completely false”, in a statement.

The statement by the commerce ministry said that China would continue its supply of the rare earths to all interested parts of the world in the protection of sustainable development and usable resources. The country would also increase restrictive measures on acts of exploration, export, import and production of the fabled rare earths.

The rare earths are used in different industries, such as in computer monitors, pharmaceuticals, TVs and car converters. An analyst of the element has said that devoid of the said elements, a huge part of modern economy could easily shut down.

Political analysts say that while China accounts for 97 percent of the world rare earths, the current story is at the heart of the relationship that exist between China and the West.

The United States is one of the major buyers of the rare commodity from China and hardly mined any of the elements in 2009.

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