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No immediate impact from China's export curbs on magnets: Maruti Suzuki
Maruti Suzuki, India's top-selling carmaker, said on Monday there is no immediate production impact from China's export curbs on rare earth magnets, a key component, and that it is in talks with the government on the matter.
Auto industry manufacturers told government officials last week that production could stall within days due to the curbs, Reuters reported.
They are worried by the complexity of a new import process requiring approval from Indian and Chinese officials as well as documents including end-use certificates stating the magnets are not for military purposes.
When asked how many weeks of inventory Maruti has before production is impacted, the automaker said it has submitted an import application and that it would be difficult to comment or give "very specific details" until it receives a response.
"It is not a restriction. It is an endorsement of end use. In case there is an issue, we will ... inform all our stakeholders, including the stock exchange," Rahul Bharti, senior executive director, corporate affairs, told reporters.
China controls over 90 per cent of global processing capacity for the magnets, which are used in fields as varied as automobiles, home appliances and clean energy. It enacted measures in April requiring companies to obtain import permits.
In a meeting with commerce ministry officials last month, the Society of Indian Automobile Manufacturers said inventories at parts makers are likely to run out by the end of May.
"Starting end May or early June, auto industry production is expected to come to a grinding halt," the body said in the document presented during a May meeting attended by executives including from Maruti.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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