China’s export of rare earth magnets reduced by more than half

Business Business: China’s exports of rare earth magnets in May halved from April, falling to the lowest level in the last five years. The decline was due to the export ban. China, the world’s largest rare earth magnet producer and controls 90% of the global supply, decided to ban the export of seven medium to heavy rare earth products and some magnets in April.

This has affected supply chains for automobiles, aerospace, semiconductors and military equipment. In May, China exported only 1,238 metric tons of rare earth magnets, down 52.9% from April.