China will cut its rare-earth quota slightly next year after it failed to fill this year's quota, an industry insider said, the National Business Daily reported Wednesday.

The Ministry of Commerce set the first batch of rare-earth export quotas for this year at 14,446 tonnes and second batch at 15,738 tonnes.

Neither quota was filled. From January to September this year, China exported 12,000 tons of rare earth minerals, according to statistics from BAIINFO, a Beijing-based consultancy.

China produces more than 90 percent of the world's supply of rare earth elements, even though it is estimated to have just 36 percent of global reserves.

Rare earth minerals are a group of 17 elements used in everything from high-powered magnets and fuel refining to energy-efficient light bulbs and mobile phone screens.

China's business press carried the story above on Wednesday.