China's July exports of rare earth magnets hit a six-month high, with Germany and the United States as major buyers.

US-China Tariff Truce, China's Rare Earth Magnet Exports Hit Six-Month High in July

With the temporary truce in US-China tariffs and China's conditional easing of rare earth exports, China's rare earth magnet exports in July reached a six-month high, surging 75% from June and returning to levels before China strictly restricted rare earth exports. Germany and the United States, which have a high demand for rare earth magnets, ranked first and second in export volume, respectively.

Reuters reported that rare earth magnets are a critical mineral essential for electric vehicle manufacturing.

Data released by China Customs on Wednesday (August 20) showed that China is the world's largest supplier of rare earth magnets. In July, exports rose to 5,577 metric tons, surging nearly 75% from June and reaching the highest monthly level since January.

The report stated that China's rare earth magnet exports in July not only saw a significant increase compared to June, but also rose 5.7% from 5,278 tons in the same period last year, meeting the general expectations of analysts. The US and China reignited a tariff war in April this year, after which China reached a series of agreements with the US and Europe to ease rare earth controls, leading to a continuous recovery in the export of rare earth magnets.

Due to the lengthy review process for Chinese rare earth export licenses, global supply chain disruptions, and some non-Chinese automotive companies being forced to shut down due to rare earth shortages, China's rare earth exports declined sharply in April and May.

According to the report and data from China Customs, Germany remained the top destination for China's rare earth magnet exports in July, with exports reaching 1,116 tons, a 46% increase from June; the second-largest export destination was the United States, with exports of 619 tons, a surge of 75.5% from June, and an increase of 4.8% compared to the same period last year.

From January to July this year, China's cumulative exports of rare earth magnets amounted to 27,897 tons, a decrease of 15% compared to the same period last year, but the decline rate was lower than the 18.9% recorded from January to June.

Original: www.toutiao.com/article/1841016787084296/

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