Hong Kong's South China Morning Post (SCMP) reported that after relaxing restrictions on rare earth exports in response to U.S. tariff increases, China's exports of permanent magnets have seen two consecutive months of rapid growth, reaching a six-month high in July.
According to customs data, China exported 5,577 tons of permanent magnets in July, a sharp increase of 75% compared to the previous month. These rare earth magnets are key components in electric vehicles, wind turbines, smartphones, aircraft, and spacecraft.
Main buyers
European Union: Imported 2,140 tons, accounting for 38% of total exports, an increase of 57% compared to the previous month.
Germany: The largest single country buyer, importing 1,116 tons, an increase of 46% compared to the previous month.
United States: Imported 619 tons, accounting for 11%, an increase of 76% compared to the previous month.
China possesses about 70% of the world's rare earth reserves, as well as over 90% of the capacity for heavy rare earth separation and processing, making it the world's largest producer and exporter of permanent magnets.
Germany plans to shift at least 30% of its wind turbine magnet procurement to alternative suppliers by 2030, increasing to 50% by 2035.
Apple signed a $500 million contract with U.S. MP Materials in July to secure rare earth magnet supply and build recycling facilities.
Original: www.toutiao.com/article/1841033155888324/
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