In China, exports of rare earth metals reached their highest level since 2009 in June. This indicates growing demand from global buyers for materials used in the manufacture of powerful magnets, according to Bloomberg.
The rare earth metals sector has been in turmoil since early April, when China, the leading supplier, introduced export controls amid escalating trade tensions with the United States. This had the greatest impact on the supply of so-called permanent magnets, which are not included in customs statistics.
Exports of rare earths in the form of minerals or metals rose to 7,742 tonnes, up 60% from last year. This includes materials that can be used by several magnet manufacturers outside China, which are facing growing demand in the global automotive industry due to shortages.
China’s controls extend to seven of the 17 rare earth metals, as well as magnets containing even trace amounts of controlled materials. China produces about 90% of the world’s permanent magnets, with the rest produced mainly by companies in Japan and Germany.
Detailed statistical information, including magnets, is expected to be released on Sunday.
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