China's exports of rare earth magnets to the US surge in June
Outbound shipments to the United States from the world's largest producer of rare earth magnets surged to 353 metric tons in June, up 660% from May, data from the General Administration of Customs showed on Sunday.
That came after pacts reached in June to resolve issues around shipments of rare earth minerals and magnets to the United States. Chipmaker Nvidia (NVDA.O), opens new tab plans to resume sales of its H20 AI chips to China as part of the agreement.
China, which provides more than 90% of the global supply of rare earth magnets, decided in early April to add several rare earth items to its export restriction list in retaliation for U.S. tariffs.
The subsequent sharp fall in shipments in April and May, due to the lengthy time required to secure export licences, had upset the global supply chain, forcing some automakers outside China to halt partial production due to a rare earths shortage.
In total, China exported 3,188 tons of rare earth permanent magnets globally last month, up 157.5% from 1,238 tons in May, although the June volume was still 38.1% lower than the corresponding month in 2024.
Shipments of magnets are likely to recover further in July as more exporters obtained licences in June, analysts said.
During the first half of 2025, exports of rare earth magnets fell 18.9% on the year to 22,319 tons.
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BBC News
16 minutes ago
- BBC News
EU and US agree trade deal, with 15% tariffs for European exports to America
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Reuters
16 minutes ago
- Reuters
Out-gunned Europe accepts least-worst US trade deal
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Reuters
16 minutes ago
- Reuters
Euro gains as investors cautiously welcome US-EU trade deal
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