Auto companies seek govt help for magnet imports
NEW DELHI: The automobile industry has sought govt support in expediting approvals from the Chinese govt for importing rare earth magnets used in various applications, including passenger cars.
As per sources, various domestic suppliers have already sought approval from the Chinese govt through their local vendors in China.
However, no approvals have been granted so far, sources said. China controls over 90% of global processing capacity for the magnets, used across multiple sectors including automobiles, home appliances and clean energy.
The Chinese govt has put restrictions, with effect from April 4, mandating special export licences for seven rare earth elements.
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