Samples of rare earth minerals from left, Cerium oxide, Bastnasite, Neodymium oxide and Lanthanum carbonate are on display during a tour of Molycorp's Mountain Pass Rare Earth facility in Mountain Pass, Calif., June 29, 2015. Reuters-Yonhap

The industry ministry on Thursday launched a rare metals industry development council to better respond to the intensification of protectionism and discuss the supply chain strategies of the domestic industry, according to officials.

During its inaugural meeting held in Osong, 107 kilometers southeast of Seoul, members agreed to conduct a comprehensive review of the supply chain and technological landscape for 15 critical rare metals, including rare earth elements, lithium and tungsten, which are essential for advanced industries.

Given the diverse applications of rare metals across industries, the council comprises experts from industry, academia and research institutions.

The council plans to assess Seoul's rare metals supply chain, analyze related technologies and develop strategies to navigate global rare metals markets and export controls in the future. (Yonhap)