Latest news with #magnets
Yahoo
7 hours ago
- Business
- Yahoo
China's Rare Earth Magnet Exports Slump in May, Especially to US
(Bloomberg) -- Supply Lines is a daily newsletter that tracks global trade. Sign up here. Security Concerns Hit Some of the World's 'Most Livable Cities' One Architect's Quest to Save Mumbai's Heritage From Disappearing JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown Chinese exports of rare earth magnets slumped further in May, with shipments to the US showing an especially steep drop due to the trade war with Washington. Rare earth minerals, and the products that use the elements, have been at the center of the dispute since early April, when China imposed export controls in retaliation for punitive tariffs levied on Chinese goods. The two countries have since sought to reset relations, culminating in a meeting in London in early June, which prompted US President Donald Trump to declare that issues around rare earths had been resolved. China accounts for about 90% of the world's rare earth products, most of which are magnets, and whether it allows supplies to flow more freely after the agreement reached in London will be a key focus for governments and markets in the weeks and months to come. Chinese customs data on Friday showed the extent of the impact on supplies of rare earth magnets in particular, an item vital for high-tech industries from carmakers to defense contractors. The controls have affected sales to all countries, with China's total exports roughly halving in April, and then halving again in May, to 1,238 tons. That comes to about $60 million, the lowest-value month in data going back to 2015, barring February 2020 and the onset of the pandemic. The US portion by volume in May was just 46 tons, less than one-tenth of the magnets it imported in March. Other countries including Vietnam, host to a number of Chinese companies, and Germany saw their supplies hold up much better. Those two countries were the top destinations last month, accounting for 19% and 17% of sales, respectively. --With assistance from James Mayger. Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? The US Has More Copper Than China But No Way to Refine All of It Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? ©2025 Bloomberg L.P.
South China Morning Post
10 hours ago
- Business
- South China Morning Post
China's magnet exports to US slammed in May as Beijing's rare earth curbs hit: data
The volume of China's export shipments of magnets to the US, a chokepoint in the ongoing trade war between the world's two largest economies, plunged in volume by 93.3 per cent in May, year on year, according to the latest customs data. Advertisement China exported around 46.4 tonnes of magnets to the US last month. It was also a sharp month-on-month decline of 81 per cent from 246.3 tonnes shipped in April. The total export of magnets, which dominate China's critical minerals shipments, fell by nearly 74.3 per cent, year on year, in volume last month, and declined more than 76.1 per cent in value, according to data released on Friday. The drastic decline in exports – following export controls imposed by Beijing to counter Washington's sweeping tariffs on Chinese goods – has piled pressure on US manufacturers in the defence, energy and automotive sectors. Meanwhile, exports to Germany, Europe's manufacturing powerhouse, dropped last month by 70 per cent in volume, year on year, while shipments to Japan fell by 84.1 per cent. Advertisement Addressing the highly watched export controls of critical minerals, China's Ministry of Commerce spokesperson, He Yadong, said on Thursday that the country has been accelerating the review of rare earth-related export licence applications in accordance with relevant laws and regulations, and has approved a number of them. 'China is willing to enhance communication and dialogue with relevant countries on export controls and actively promote the facilitation of compliant trade,' He added.
Yahoo
11 hours ago
- Business
- Yahoo
China's Rare Earth Magnet Exports Slump in May, Especially to US
(Bloomberg) -- Supply Lines is a daily newsletter that tracks global trade. Sign up here. Security Concerns Hit Some of the World's 'Most Livable Cities' One Architect's Quest to Save Mumbai's Heritage From Disappearing JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown Chinese exports of rare earth magnets slumped further in May, with shipments to the US showing an especially steep drop due to the trade war with Washington. Rare earth minerals, and the products that use the elements, have been at the center of the dispute since early April, when China imposed export controls in retaliation for punitive tariffs levied on Chinese goods. The two countries have since sought to reset relations, culminating in a meeting in London in early June, which prompted US President Donald Trump to declare that issues around rare earths had been resolved. China accounts for about 90% of the world's rare earth products, most of which are magnets, and whether it allows supplies to flow more freely after the agreement reached in London will be a key focus for governments and markets in the weeks and months to come. Chinese customs data on Friday showed the extent of the impact on supplies of rare earth magnets in particular, an item vital for high-tech industries from carmakers to defense contractors. The controls have affected sales to all countries, with China's total exports roughly halving in April, and then halving again in May, to 1,238 tons. That comes to about $60 million, the lowest-value month in data going back to 2015, barring February 2020 and the onset of the pandemic. The US portion by volume in May was just 46 tons, less than one-tenth of the magnets it imported in March. Other countries including Vietnam, host to a number of Chinese companies, and Germany saw their supplies hold up much better. Those two countries were the top destinations last month, accounting for 19% and 17% of sales, respectively. --With assistance from James Mayger. Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? The US Has More Copper Than China But No Way to Refine All of It Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags ©2025 Bloomberg L.P.
Malay Mail
12 hours ago
- Business
- Malay Mail
China's rare-earth magnet exports plunge 70pc in May amid trade tensions, lowest level since 2015
BEIJING, June 20 — Chinese exports of rare-earth magnets continued their downward slide in May, official data showed on Friday, reflecting restrictions imposed by Beijing during its trade war with the United States. China is the world's leading producer of rare earths, used to make magnets essential to the automotive, electronics and defence industries. Since April, Beijing has required traders to obtain licences before they export the strategic materials, a move seen as retaliation for US curbs on the import of Chinese goods. Many manufacturers, particularly in the automotive sector, have bewailed what they view as sporadic licence issuances. And Chinese customs data revealed Friday that the country's rare-earth magnet exports plummeted by 70 per cent year-on-year in May, following an initial slowdown observed in April. Exports fell below the US$60 million mark, hitting their lowest level since 2015 excluding the Covid-19 pandemic, according to Bloomberg News. After talks between China and the US in London this month, Beijing said it had issued a 'certain number' of export licences for rare earths. US President Donald Trump said last week on his Truth Social platform that 'any necessary rare earths... will be supplied, up front, by China'. Beijing also said it would launch a 'green channel' to facilitate rare earth exports to the European Union. But its exports of rare-earth magnets to the EU in May plunged by 81 per cent year-on-year, according to the customs figures. And exports of small parcels to the US dropped by half compared to the previous month. Last month, Washington ended a tariff exemption previously enjoyed by low-value parcels shipped from China and Hong Kong. The measure dealt a severe blow to platforms shipping low-cost items from China, such as Shein and Temu. The decline was offset by a rise in China's total small parcel exports to the rest of the world, which were up 40 per cent year-on-year, with particularly notable increases to Singapore, Russia, Europe and Australia. Besides the US, several countries have been trying to limit the rise of platforms sending cheap products made in China. This month, France adopted a bill that aims to curb fast fashion by banning advertising and imposing an additional tax on small parcels. — AFP
Yahoo
19 hours ago
- Business
- Yahoo
China's rare earth magnet shipments halve in May due to export curbs
By Amy Lv and Ryan Woo BEIJING (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 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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
