Latest news with #GeneralAdministrationofCustoms
Time of India
2 hours ago
- Business
- Time of India
China's rare earth magnet shipments halve in May due to export curbs
China's overseas shipments of rare earth magnets halved in May from April, tumbling to their lowest levels in more than five years due to export curbs. Beijing said this month that it would speed up its approval process, a concession made after the US and China agreed to dial back trade tensions. In the meantime, however, industry sources say Chinese customs officials have become increasingly cautious about processing rare earth cargoes. This is particularly so for rare earth magnets because there is only a single code to cover magnets despite there being a variety of chemistries, said the sources who were not authorised to speak to media and declined to be identified. China, the world's largest rare earth magnet producer accounting for over 90 per cent of global supply, decided in early April to impose restrictions on exports of seven medium-to-heavy rare earth products and some magnets. That's rocked supply chains crucial to auto, aerospace, semiconductor and military equipment sectors around the world. Last month, China shipped out 1,238 metric tons of rare earth permanent magnets , down 52.9 per cent from April and the lowest level for a single month since February 2020, data from the General Administration of Customs showed on Friday. April's shipments had also halved from March. On a year-on-year basis, May shipments were down 74 per cent. Sources have also previously said that customs are holding up some shipments of lower-performance rare earth magnets used in appliances and consumer electronics because of confusion over how to apply Beijing's export curbs. China's commerce ministry said on Thursday that "a certain number" of rare earth export licence applications had been approved but did not disclose details. Chinese rare earth magnet producers JL MAG Rare-Earth and Innuovo Technology announced in recent weeks that they have secured a few export licenses for some clients. Exports of rare earth magnets for January-May slipped 14.5 per cent from the same period last year to 19,132 tons, the lowest for the period since 2021.
Time of India
5 hours ago
- Business
- Time of India
Rare Earth crisis deepens: China's shipments sink to five-year low; down 74% YoY in May
AI image China's overseas shipments of rare earth magnets fell sharply in May, dropping to their lowest level in more than five years as export restrictions and heightened customs scrutiny disrupted global supply chains. According to data from the General Administration of Customs, China exported just 1,238 metric tons of rare earth permanent magnets last month, a 52.9% drop from April and the weakest monthly figure since February 2020. Compared to May 2024, shipments were down 74% year-on-year. April's exports had already halved from March, marking a sustained downward trend that has unsettled industries worldwide, including automotive, aerospace, semiconductors, and military equipment manufacturing, reported Reuters. China, which produces more than 90% of the world's rare earth magnets, began enforcing restrictions in early April on the export of seven types of medium-to-heavy rare earth products and certain magnets. While the move was intended to assert control over strategic resources, it has created confusion at customs, especially since a single customs code covers a wide range of magnet chemistries. Sources familiar with the situation told Reuters that Chinese customs officials have become increasingly cautious in processing rare earth shipments, particularly those used in appliances and consumer electronics. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Paras Sector 59 Gurgaon | Paras Floret Low-Rise Flats Birla Book Now Undo They added that officials are unsure how to interpret and apply Beijing's export control rules. China's ministry of commerce announced Thursday that 'a certain number' of export license applications had been approved, though no details were provided. Meanwhile, Chinese producers such as JL MAG Rare-Earth and Innuovo Technology have confirmed recently that they secured limited export licenses for some clients. Despite efforts to ease bottlenecks, overall exports of rare earth magnets for the January-May period stood at 19,132 metric tons, down 14.5% from the same period in 2024, the lowest five-month total since 2021. Earlier this month, Beijing agreed to expedite the export approval process as part of a broader effort to de-escalate trade tensions with the US. However, industry insiders say customs delays and regulatory ambiguity continue to hinder shipments. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
New Straits Times
8 hours ago
- Business
- New Straits Times
China's rare earth magnet shipments halve in May due to export curbs
BEIJING: China's overseas shipments of rare earth magnets halved in May from April, tumbling to their lowest levels in more than five years due to export curbs. Beijing said this month that it would speed up its approval process, a concession made after the US and China agreed to dial back trade tensions. In the meantime, however, industry sources say Chinese customs officials have become increasingly cautious about processing rare earth cargoes. This is particularly so for rare earth magnets because there is only a single code to cover magnets despite there being a variety of chemistries, said the sources who were not authorised to speak to media and declined to be identified. China, the world's largest rare earth magnet producer accounting for over 90 per cent of global supply, decided in early April to impose restrictions on exports of seven medium-to-heavy rare earth products and some magnets. That's rocked supply chains crucial to auto, aerospace, semiconductor and military equipment sectors around the world. Last month, China shipped out 1,238 tonnes of rare earth permanent magnets, down 52.9 per cent from April and the lowest level for a single month since February 2020, data from the General Administration of Customs showed on Friday. April's shipments had also halved from March. On a year-on-year basis, May shipments were down 74 per cent. Sources have also previously said that customs are holding up some shipments of lower-performance rare earth magnets used in appliances and consumer electronics because of confusion over how to apply Beijing's export curbs. China's commerce ministry said on Thursday that "a certain number" of rare earth export licence applications had been approved but did not disclose details. Chinese rare earth magnet producers JL MAG Rare-Earth and Innuovo Technology announced in recent weeks that they have secured a few export licenses for some clients. Exports of rare earth magnets for January-May slipped 14.5 per cent from the same period last year to 19,132 tonnes, the lowest for the period since 2021.
Time of India
10 hours ago
- Business
- Time of India
China's rare earth magnet shipments halve in May due to export curbs
China's overseas shipments of rare earth magnets halved in May from April, tumbling to their lowest levels in more than five years due to export curbs. Beijing said this month that it would speed up its approval process, a concession made after the U.S. and China agreed to dial back trade tensions. In the meantime, however, industry sources say Chinese customs officials have become increasingly cautious about processing rare earth cargoes. This is particularly so for rare earth magnets because there is only a single code to cover magnets despite there being a variety of chemistries, said the sources who were not authorised to speak to media and declined to be identified. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo China, the world's largest rare earth magnet producer accounting for over 90% of global supply, decided in early April to impose restrictions on exports of seven medium-to-heavy rare earth products and some magnets. That's rocked supply chains crucial to auto, aerospace, semiconductor and military equipment sectors around the world. Last month, China shipped out 1,238 metric tons of rare earth permanent magnets, down 52.9% from April and the lowest level for a single month since February 2020, data from the General Administration of Customs showed on Friday. Live Events April's shipments had also halved from March. On a year-on-year basis, May shipments were down 74%. Sources have also previously said that customs are holding up some shipments of lower-performance rare earth magnets used in appliances and consumer electronics because of confusion over how to apply Beijing's export curbs. China's commerce ministry said on Thursday that "a certain number" of rare earth export licence applications had been approved but did not disclose details. Chinese rare earth magnet producers JL MAG Rare-Earth and Innuovo Technology announced in recent weeks that they have secured a few export licenses for some clients. Exports of rare earth magnets for January-May slipped 14.5% from the same period last year to 19,132 tons, the lowest for the period since 2021.
Reuters
10 hours ago
- Business
- Reuters
China's rare earth magnet shipments halve in May due to export curbs
BEIJING, June 20 (Reuters) - China's overseas shipments of rare earth magnets halved in May from April, tumbling to their lowest levels in more than five years due to export curbs. Beijing said this month that it would speed up its approval process, a concession made after the U.S. and China agreed to dial back trade tensions. In the meantime, however, industry sources say Chinese customs officials have become increasingly cautious about processing rare earth cargoes. This is particularly so for rare earth magnets because there is only a single code to cover magnets despite there being a variety of chemistries, said the sources who were not authorised to speak to media and declined to be identified. China, the world's largest rare earth magnet producer accounting for over 90% of global supply, decided in early April to impose restrictions on exports of seven medium-to-heavy rare earth products and some magnets. That's rocked supply chains crucial to auto, aerospace, semiconductor and military equipment sectors around the world. Last month, China shipped out 1,238 metric tons of rare earth permanent magnets, down 52.9% from April and the lowest level for a single month since February 2020, data from the General Administration of Customs showed on Friday. April's shipments had also halved from March. On a year-on-year basis, May shipments were down 74%. Sources have also previously said that customs are holding up some shipments of lower-performance rare earth magnets used in appliances and consumer electronics because of confusion over how to apply Beijing's export curbs. China's commerce ministry said on Thursday that "a certain number" of rare earth export licence applications had been approved but did not disclose details. Chinese rare earth magnet producers JL MAG Rare-Earth ( opens new tab and Innuovo Technology ( opens new tab announced in recent weeks that they have secured a few export licenses for some clients. Exports of rare earth magnets for January-May slipped 14.5% from the same period last year to 19,132 tons, the lowest for the period since 2021.
