Shipments of the valuable components to the US increased in October, while those sent to the European Union fell from their September levels.
China’s shipments of rare earth permanent magnets to the US surged to a nine-month high in October as the two countries engaged in a roller-coaster round of manoeuvring over export controls that led to an easing of trade tensions late last month.
During the same period, exports to the European Union fell from the level recorded in September.
China is the world’s largest supplier of permanent magnets – essential components in hi-tech products such as electric vehicles and defence systems – and holds a near-monopoly share of the supply and refining capacity for rare earth elements, the trace minerals within the magnets that grant them their unique properties.
