The China Rare Earth Price Index (CREPI), China's first rare earth price index based on online transaction data, went live on Monday in Baotou, North China's Inner Mongolia Autonomous Region, domestic media reported.
The CREPI consists of 17 sub-indexes, including ones for a comprehensive price and a functional material price, according to domestic media reports.
The Baotou Rare Earth Products Exchange and the Xinhua News Agency's China Economic Information Service launched the CREPI after a one-month trial, the domestic news website cs.com.cn reported on Monday.
China Economic Information Service Index Director Li Wei said CREPI was compiled using transaction data from the Baotou Rare Earth Products Exchange, according to the report. Li touted the fact that the index was the country's first for rare earth prices based on online transaction data.
The CREPI reflects the price changes of the domestic rare earth market and provides a reference for follow-up financial products and services, Li said.
In December, several government agencies took action across the country to crack down on illegal activity in the rare earth industry. The crackdown, which is expected to last six months, will focus on illegal activities such as mining without a license.