The city of Ganzhou in China's Jiangxi province launched the country's second rare earths exchange, Reuters reported Jan. 2, citing a Jiangxi Daily report posted by the Association of China Rare Earth Industry.

The Ganzhou Rare Metal Exchange opened Dec. 31, 2019, to become the country's second rare earths-focused bourse. The first was the Baotou Rare Earth Products Exchange, which opened in Inner Mongolia in 2014.

Baotou and Ganzhou are China's two hubs for rare earths, which are used in electronics and military equipment, the report said.

The newswire said it was unclear which of the 17 rare earths would be traded in Ganzhou, which is known for its high concentration of heavy rare earths such as terbium and dysprosium.

According to Reuters, the Ganzhou exchange will also trade other metals such as molybdenum, tungsten, tin and cobalt, making its portfolio similar to the now-defunct Fanya Metal Exchange, which collapsed in 2015 amid liquidity problems.