Latest news with #GeneralAdministrationofCustoms
Euronews
3 minutes ago
- Business
- Euronews
China rare earth exports to the US surge 660% after trade agreement
China exported more rare earth elements in June, with shipments to the US rising by 660% on a monthly basis, according to Beijing's General Administration of Customs. Total exports of the precious metals increased to 3,188 tons, up around 160% from 1,238 tons in May. Even so, June's total was still 38% lower than the same month in 2024. During the first half of 2025, exports of rare earth magnets also fell 18.9% on the year to 22,319 tons. Total shipments to the US, meanwhile, rose to 353 tons in June, a boost that came after Beijing and Washington managed to secure a trade framework last month. Building upon commitments made in May, when both nations agreed to reduce tariffs on each other for 90 days, the trade agreement involves a commitment from China to deliver more rare earths. These minerals are used in an array of high-tech products such as smartphones, jet engines, EVs, and wind turbines. In response to steep tariffs from the US administration, the Chinese government had imposed export restrictions on seven rare earth elements and magnets earlier this year. The move threatened to derail global supply chains, with more than 70% of rare earth production based in China. More than 90% of the processing also takes place in China. Despite their name, rare earths aren't actually scarce, although they are particularly difficult to mine and process. China's export curbs didn't just hit the US, but they also forced some auto part suppliers in Europe to halt production. Last month, EU trade chief Maros Sefcovic commented on the restrictions: 'I informed my Chinese counterpart about the alarming situation in the European car industry, but I would say industry as such because clearly rare earth and permanent magnets are absolutely essential for industrial production.' He noted that it was an EU 'priority' to address export curbs. In June, the US was the second-largest destination for China's rare-earth magnets, after Germany, and ahead of Vietnam, South Korea, and Thailand — in descending order. As tensions now cool between Washington and Beijing, the US has also started to ease restrictions on tech products sent to China, in response to cooperation on rare earths. US tech giant Nvidia said last week that it would start selling its H20 AI chip in China again after the Trump administration relaxed export controls. The White House gave assurances that it would grant licenses for the product in the Chinese market, after it banned sales of the chip to China in April.
Time of India
2 hours ago
- Automotive
- Time of India
China's exports of rare earth magnets to US surge in june
China's exports of rare earth magnets to the United States in June soared to more than seven times their May level, marking a sharp recovery in the flow of critical minerals used in electric vehicles and wind turbines after a Sino-U.S. trade deal. 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 per cent 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 plans to resume sales of its H20 AI chips to China as part of the agreement. China, which provides more than 90 per cent 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 per cent from 1,238 tons in May, although the June volume was still 38.1 per cent 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 per cent on the year to 22,319 tons.
CNBC
3 hours ago
- Business
- CNBC
U.S. firms scramble to secure rare-earth magnets — imports from China surge 660%
China's exports of rare-earth magnets to the United States in June surged more than seven times from the prior month, as American firms clamor to get hold of the critical elements following a preliminary Sino-U.S. trade deal. In April, Beijing placed restrictions on several critical magnets, used in advanced tech such as electric vehicles, wind turbines and MRI machines, requiring firms to receive licenses for export. The move was seen as retaliation against U.S. President Donald Trump's steep tariffs on China. Beijing has a stranglehold on the production of rare-earth magnets, with an estimated 90% of the market, as well as a similar hold on the refining of rare-earth elements, which are used to make magnets. The U.S. received about 353 metric tons of rare-earth permanent magnets in June, up 660% from the previous month, data released by the General Administration of Customs showed, though the exports were about half that from June last year. The U.S. was the second-largest destination for China's rare-earth magnets, behind Germany, as it relies heavily on their imports for its large manufacturing sector, particularly in automotive, electronics, and renewable energy. In total, China exported 3,188 metric tons of rare earth permanent magnets globally last month, up nearly 160% from May, but 38% lower compared with the same period last year. The growth in exports came after Washington and Beijing agreed last month on a trade framework that included easing controls on Chinese rare-earth exports as well as a rollback of some American tech restrictions for shipments to China. AI behemoth Nvidia said last week it was planning to resume shipments of its H20 AI chips to China, after the exports were restricted in April. Last month, controls on American AI chip software companies' business in China had also been rolled back. Chinese rare-earth magnet producers started announcing the approval of export licenses last month. If exports continue to increase, it will be of great benefit to companies that have been suffering from shortages of magnets due to the lengthy time required to secure export licenses. For example, several European auto-parts suppliers were forced to halt production in recent months. The magnet shortages had also hit emerging industries such as humanoid robotics. In April, Elon Musk said production of Tesla's Optimus humanoid robots had been disrupted. China's controls on its rare-earths sector have prompted some global governments to reexamine their rare-earth supply chains and search for ways to support domestic mining of the minerals. However, experts say that setting up alternatives to China's rare-earth magnet supply chain could take years, as it requires an intricate process of rare-earth element refining and separation. "The separation process is quite complex, and China has a lot of advantages in this after putting in decades of research into the processes," Yue Wang, a senior consultant of rare earths at Wood Mackenzie, told CNBC last month. One way that the U.S. has been trying to compensate for lack of rare-earth magnets is through increased recycling. Apple and miner MP Materials announced a $500 million deal last week for the development of a recycling facility that will reinforce the iPhone maker's U.S. magnet supply chain. Peter Alexander from financial consultancy Z-ben Advisors said that Washington's latest concessions on tech restrictions were a reflection of just how much leverage China has in its trade relationship with the United States, speaking on CNBC's "China Connection" on Monday.
New Straits Times
7 hours ago
- Business
- New Straits Times
China's exports of rare earth magnets to the US surge in June
BEIJING: China's exports of rare earth magnets to the United States in June soared to more than seven times their May level, marking a sharp recovery in the flow of critical minerals used in electric vehicles and wind turbines after a Sino-US trade deal. 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 per cent 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 plans to resume sales of its H20 AI chips to China as part of the agreement. China, which provides more than 90 per cent 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 US 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 per cent from 1,238 tons in May, although the June volume was still 38.1 per cent 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 per cent on the year to 22,319 tons.
Time of India
7 hours ago
- Automotive
- Time of India
China's rare earth magnet exports to the US surge 660% in June
China's exports of rare earth magnets to the United States in June soared to more than seven times their May level, marking a sharp recovery in the flow of critical minerals used in electric vehicles and wind turbines after a Sino-US trade deal. 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 per cent 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 plans to resume sales of its H20 AI chips to China as part of the agreement. China, which provides more than 90 per cent 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 US 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 per cent from 1,238 tons in May, although the June volume was still 38.1 per cent 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 per cent on the year to 22,319 tons.>
