Changzhi, Shanxi -- (ReleaseWire) -- 06/27/2018 --The 20th Annual Meeting of The China Association for Science and Technology closed in Hangzhou on May 27th, 2018. The conference put forward some major scientific frontier issues and engineering and technical challenges of contemporary China. The President of China Metal Society YongGan makes a speech concerning The Three Basic Elements of Manufacturing Superpower, in which he points out China's current major achievements and deficiencies in manufacturing from analyzing three aspects of new information technology, new materials, and technological innovation systems. YongGan highlights the importance of rare earth and magnetic technology. Pensong, the manager of Jintong Magnets company, which is one of the oldest magnets company in China, represents that the magnets market has great potential, especially these years, the Chinese government has gradually valued the importance of magnets.

He also predicts that "the future innovation hot spot would be magnetic technology". With the development of permanent magnetic technology, Permanent magnet motors, permanent magnet gears, permanent magnet bearings, and suspended permanent magnets will become new energy-saving magnetic power systems. Pensong's company, Jintong Magnets company has served in the magnet industry for over 20 years, he indicates that magnets' price is always changed by the price of rare earth. Rare earth is important in today's world. It is applied in several fields especially in national defense. Such as satellites, spacecraft orbital control, and space exploration propellers all rely on rare earth materials. In addition, hundreds of rare earth materials are used in cars and Robot CNC Machine as well.

Due to the importance of rare earth, China tends to collect and store rare earth this year. According to the Shanghai Stock News on May 16th, the chairman of Baotou Steel Degang Li announced: "Baotou Steel is going to collect and store rare earth in the second half years." Baotou Steel is the largest production base of rare earth in China, Degang Li said: "Baotou Steel has nearly half of global rare earth production." Therefore, the strategy of rare earth collection and storage is possible to affect the price of rare earth. "The price of rare earth is predicted to have a rise because of the Environmental policy and other state policies." Pengsong said: "so the neodymium magnets' price is possible to go up as well."