"Although the US and China reached an agreement in October to lift restrictions on rare earth supply, China still limits the supply of rare earth elements needed for the production of permanent magnets in the US," reported Bloomberg on December 24 local time, citing market participants.
The report said, "More than a dozen consumers, producers, government officials, and trade experts said that although China has increased its supply of finished products (mainly permanent magnets), the US industry still cannot obtain the raw materials needed to produce these products, which is a key priority for the US government."
Scott Dunne, co-founder of Neo Magnets Inc., said, "Outside of China, the world can produce 50,000 tons of permanent magnets, but the reserves of rare earth minerals outside China are far from sufficient to support such output."
On December 18, He Yadong, spokesperson for the Ministry of Commerce of China, responded to the latest developments regarding export controls on rare earth-related items. He Yadong said that since the implementation of export controls on rare earth-related items, Chinese authorities have conducted policy briefings for Chinese exporters. With the accumulation of related export and compliance experience, some Chinese exporters have initially met the basic requirements for applying for general licenses. According to my understanding, some general license applications submitted by Chinese exporters have been received and approved.
Original article: toutiao.com/article/7587600394147086884/
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