China will introduce its first spot-trading platform for rare earths on Aug 8, Shanghai Securities News reported, in the country's latest attempt to improve price discovery for the commodities and subject the market to better regulation.

The platform, led by China's largest producer of rare earths, Baotou Steel Rare-Earth Hi Tech, will allow only physical trading, the newspaper said, without citing sources.

China is responsible for more than 95 percent of the global output of rare earths, a group of 17 minerals used in the electronics, defense and renewable energy industries.

Agencies - China Daily