Rare metals, China supplies the US/ Exports of American firms increased 660% in June
Chinese exports of rare earth metals to the United States in June rose more than sevenfold from the previous month, as American firms seek to obtain the critical elements following a preliminary trade deal between China and the United States.
In April, Beijing imposed restrictions on some critical magnets used in advanced technologies such as electric vehicles and wind turbines, requiring firms to obtain export licenses. The move was seen as retaliation for U.S. President Donald Trump's steep tariffs on China.
Beijing has a strong grip on the production of rare earth magnets, with about 90% of the market, as well as a similar grip on the refining of rare earth elements, which are used to make magnets.
The US imported about 353 tonnes of rare earth permanent magnets in June, a 660% increase from the previous month, data released by the General Administration of Customs showed, although exports were about half of what they were from June last year.
The US was the second largest destination for China's rare earth magnets, after Germany, as it relies heavily on their imports for its large manufacturing sector, particularly in automobiles, electronics and renewable energy.
In total, China exported 3,188 tonnes globally last month, nearly 160% more than May, but 38% less compared to the same period last year.
The surge in exports came after Washington and Beijing agreed last month on a trade framework that included easing controls on Chinese rare earth exports, as well as a lifting of some restrictions on American technology shipments to China.
Artificial intelligence giant Nvidia said last week it was planning to resume shipments of its H20 AI chips to China, after exports were restricted in April.
If exports continue to grow, it will be a major boon for companies that have suffered from a shortage of magnets due to the long time it takes to secure export licenses. For example, several European suppliers of automotive parts were forced to halt production in recent months.
The magnet shortage has also hit emerging industries like humanoid robotics. In April, Elon Musk said production of Tesla's Optimus humanoid robot had been halted.
China's controls over its rare earth metals sector have prompted several global governments to reexamine their supply chains and look for ways to support domestic mineral mining.
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