China's exports of rare earth magnets were halved in May compared to the previous month and reached the lowest level since February 2020. This is hitting several global industries hard. A total of 1,238 tons of rare earth magnets were exported in May, which corresponds to a decrease of 52.9 percent compared to April. Exports had already halved from March to April, and compared to May last year, this is a decrease of as much as 74 percent. This is reported by the news agency Reuters.
The restrictions come as a result of new Chinese export rules that were introduced in early April. In response to the trade dispute with the United States and technology sanctions from the West, the Chinese government has chosen to restrict the export of seven rare earths and certain magnets. The magnets are central components in electric cars, wind turbines, smartphones and military equipment, among other things. China produces over 90 percent of of the world's supplies.
Figures from Chinese customs authorities show that Vietnam received 19 percent of exports in May, equivalent to 235 tons, while Germany received 209 tons (16.8 percent) and India 150 tons (12.1 percent). Earlier in June, China announced that it would speed up the process of export permits as part of a temporary 90-day tariff break with the United States, where punitive tariffs have been reduced on a reciprocal basis.
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