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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
13 minutes ago
- Time of India
OYO-owned Innov8 sells 3% stake at Rs 1,000 crore valuation to expand co-working business
OYO-owned co-working firm Innov8 has sold 3% stake in the company to investors at a valuation of Rs 1,000 crore to expand its business amid rising demand of flexible workspace, according to sources. Raymond Family Office has emerged as the lead investor, acquiring nearly 2% share, they added. Global travel tech platform OYO Group declined to comment. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 지긋지긋한 빚, 월 상환액 확 줄일 수 있습니다. 오경석 법률사무소 더 알아보기 Undo In January this year, Innov8 had raised Rs 110 crore from investors, diluting 10% of its equity to a clutch of high-profile investors including family offices of Gauri Khan, Mankind Pharma, Rupa Group, and Jagruti Dalmia. Founded in 2015 by Ritesh Malik, Innov8 has more than 30 centres across 10 cities -- Delhi, Gurugram, Noida, Mumbai, Pune, Chennai, Bengaluru, Ahmedabad, Hyderabad, and Indore. Live Events Innov8 has seen over 90 occupancies in its centres, driven by rising demand for flexible office spaces. It plans to reach 100 centres by end of this year. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Innov8 has reported a profit after tax of Rs 62 crore for 2023-24 compared to Rs 2.5 crore in FY23. The demand for managed flexible workspaces has risen post-COVID pandemic. Corporates of all sizes are preferring to set up offices in co-working centres to save on capital expenditure, besides having flexibility, according to property experts. As per the data by real estate consultant Vestian, co-working operators will hold more than 100 million square feet of office space by the end of 2026. OYO Group manages over 1.5 lakh hotel and home storefronts in more than 35 countries. It also offers a range of tech-driven products and solutions to businesses in the hospitality sector. Its global presence includes the US, Europe, Southeast Asia and the UK.
Time of India
13 minutes ago
- Time of India
Germany, Russia and...Uzbekistan? Indian students look to new countries as global education landscape changes
More Indian students are heading to countries like Germany, Russia and Uzbekistan as they look beyond traditional choices. According to India's Bureau of Immigration, nearly 760,000 Indian students went abroad for higher education in 2024 — part of a larger trend that reflects the growing number of Indians in their 20s and changing policies across popular destinations. ET Online Traditional destinations see a dip The US remains the top destination, according to an ApplyBoard study. Last year, 204,000 Indian students declared the US as their study destination — more than any other country — although this was a 13% drop compared to 2023. The UK, Canada and Australia also saw fewer Indian students in 2024. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Simple Morning Habit for a Flatter Belly After 50! Lulutox In Canada, caps on new study permits led to an 8% drop in Indian study permit holders to 393,000. The UK experienced a 4% decrease after new restrictions on bringing family members were introduced. Australia, meanwhile, hosted 139,000 Indian students — up 11% — although policies like higher visa fees and stricter language requirements may discourage some future applicants. (Join our ETNRI WhatsApp channel for all the latest updates) ET Online Live Events You Might Also Like: New visa rules in US, UK: How Indian families can still get visa for their kids' overseas education Germany, Russia and Uzbekistan gain popularity While traditional countries face headwinds, Germany, Russia and Uzbekistan have seen steady growth. According to the report, nearly 35,000 Indian students declared Germany as their destination in 2024 — almost twice the number who chose Germany in 2019. Indian students appreciate Germany's affordable programs and qualifications that are recognized globally. Russia also attracted more Indian students. About 31,400 Indian students went to Russia in 2024 — nearly double the numbers from 2019. Popular medical degrees and affordable tuition help draw students to Russia, which has continued to grow as a preferred destination. Uzbekistan, one of the most surprising additions to this list, is becoming an emerging choice. Just 300 Indian students went to Uzbekistan in 2019. That number rose to almost 10,000 students in 2024. Many Indian students opt for Uzbekistan because of its English-taught programs and affordable medical degrees. Students looking for value and opportunity You Might Also Like: Looking to study abroad? These are the world's best universities in 2025 As policy and economic changes shape traditional destinations, Indian students continue to explore new options. They are looking for good-quality programs that offer recognized degrees at a competitive cost. Recent trends show that as top Anglophone countries introduce stricter policies, Indian students are widening their options to include destinations like Germany, Russia and Uzbekistan. With these shifts, Indian students will likely continue to diversify their choices. Established destinations will need to adjust policies if they want to remain competitive for this large and dynamic group of international students . You Might Also Like: Student's study abroad dream in 2025: A permanent crackdown or just another cycle?
Time of India
16 minutes ago
- 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
