HOHHOT - China's tight rare earth supplies will be an "irreversible trend" and prices will remain at high levels, a domestic entrepreneur said Monday.

Zhang Zhong, general manager of Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co., the country's leading rare earth producer, made the remarks at the China Rare Earth Forum held in the city of Baotou in Inner Mongolia autonomous region.

Although rare earth prices have climbed to historical highs, the possibility of price plunges will be slim in the near future because of the tight supplies, Zhang said.

Rare earth metals refer to a group of 17 metals that are widely used to manufacture high-tech products such as electric car batteries, wind turbines and aerospace alloys.

China is now the world's largest rare earth producer, providing more than 90 percent of the world's total supply.