Overview
- After a Trump–Xi meeting in Busan, Beijing said the export-control rules it unveiled on October 9 will not be enforced for 12 months.
- India’s foreign ministry confirmed that some domestic companies have obtained licences to import rare‑earth magnets from China, with reports naming four firms including D E Diamond, Hitachi India and Continental India.
- The new Indian licences are conditional, requiring assurances of non‑military end use and endorsements from India’s DGFT as well as the Chinese Embassy, according to industry sources.
- Restrictions imposed by China in April remain, providing only short‑term relief; rare‑earth miners’ shares rose after the one‑year delay was announced.
- China retains dominant control over the supply chain, producing the majority of mined rare earths and over 90% of refining and magnet output, creating a limited window for diversification efforts.