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7h ago

China Eases Rare Earth Export Curbs After Magnet Shipments Plunge

Beijing aims to alleviate industry shortages through faster export license approvals after global supplies hit multi-year lows

Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. Picture taken October 31, 2010. REUTERS/Stringer /File Photo
A man works at the site of a rare earth metals mine at Nancheng county, Jiangxi province, China, October 20, 2010. To match Insight ELECTRIC-CAR/COMMODITIES REUTERS/Stringer/File Photo CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA/File Photo
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Overview

  • China’s rare earth magnet exports fell 52.9% in May from April to 1,238 metric tons, marking the lowest monthly volume since February 2020 and a 74% year-on-year drop
  • The Ministry of Commerce said it has approved a certain number of export license applications and will streamline reviews while enhancing dialogue with trading partners
  • President Trump announced on Truth Social that China would supply full magnets and any necessary rare earths upfront under a U.S.-China framework agreement pending final sign-off
  • Automotive, defense and consumer electronics sectors have reported production slowdowns and rising magnet costs as export restrictions tighten global supply chains
  • Importers including India and Japan are accelerating domestic exploration, processing projects and investments in rare earth–free technologies to reduce reliance on Chinese supplies