Overview

• The Commerce Ministry and Customs added heavy rare earths—holmium, erbium, thulium, europium and ytterbium—plus derived materials and dozens of processing machines to the export‑control list, along with certain battery anodes, cathodes and lithium precursors.
• A new licensing regime introduces a Chinese version of the foreign‑direct‑product rule, requiring approval for items made abroad that use Chinese rare earths or technology, with magnets and some semiconductors covered at a 0.1% heavy rare‑earth content threshold.
• Officials said most export licences for military end users will be denied, with measures taking effect in phases starting on Nov. 8 and Dec. 1.
• Authorities also placed roughly 14 foreign companies on an "unreliable" list that blocks them from trading with China.
• Shares of major Chinese rare‑earth producers jumped in Shanghai after the announcement, and analysts view the timing as leverage ahead of the planned Xi–Trump meeting in Gyeongju.