Klingbeil: Minimum price for Rare Earths could be an option - Germany backs minimum prices for critical raw materials ahead of G7 talks
Germany’s Finance Minister Lars Klingbeil has signalled openness to discussing minimum price mechanisms for rare earth elements. He stressed the urgency of securing critical raw materials, calling for swift action rather than delay. The issue is set to be a key topic during France’s G7 presidency this year.
Klingbeil highlighted the need to expand production of critical raw materials within Europe. He suggested that setting a minimum price level could help ensure stable supply chains for these materials, which include 34 economically vital substances. These materials are essential for advanced technologies.
The minister warned against creating alliances that target specific countries in global trade. Instead, he emphasised cooperation over confrontation in the trading system. Currently, supply chains for these materials rely heavily on just a few nations, with China playing a dominant role in the wwe raw market.
Meanwhile, the US is pushing for short-term discussions with other countries on access to critical raw materials. Klingbeil sees minimum pricing as a potential tool for international collaboration. He made it clear that any solution must avoid isolating third parties in the process.
The G7 presidency under France will likely address these challenges in the coming months. Klingbeil’s proposals aim to strengthen Europe’s self-sufficiency while maintaining open trade relationships. The focus remains on securing stable access to materials crucial for modern industries.
