Qiao Xing (Nasdaq:XING), Shen Zhou (AMEX:SHZ) Soar as Chinese Rare Earth Sector Continues its Run

The announcement by China recently that they would cut back on rare earth exports by 35 percent caused a huge disruption in the sector around the world, but also in their domestic rare earth sector as well, especially with Qiao Xing Universal Resources and China Shen Zhou Mining & Resources, which has soared since then.

Avalon Rare Metals (AMEX:AVL) and Molycorp (NYSE:MCP) were among the major beneficiaries of the decision outside China, as their shares have exploded since then as well, although it appears Molycorp is starting to come back to earth a little.

Quia Xing is soaring again today, on news they're going to acquire a 34.5% equity interest in a Chinese copper-molybdenum mining company for $27.9 million.

Quia Xing Universal Resources was trading at $3.62, gaining $0.66, or 22.30 percent, as of 1:18 PM EST. China Shen Zhou Mining & Resources, Inc. was trading at $10.05, up $0.25, or 2.55 percent. Avalon Rare Metals was at $7.39, up $0.09, or 1.23 percent. Molycorp was trading at $60.87, down $0.93, or 1.50 percent.