China exports of permanent magnets up, EU biggest buyer with ‘fast-track’ route

Strong growth seen for two months following easing of rare earth export controls that were imposed in response to US tariff increases

China’s exports of permanent magnets rose to a six-month high in July, marking a second month of growth after the government pledged to accelerate export permit approvals for the rare earth derivative.

According to customs data, China exported 5,577 tonnes of permanent magnets last month, up 75 per cent month on month.

Rare earth permanent magnets are an essential component in products including electric vehicles, wind turbines, smartphones, aeroplanes and spacecraft.

The European Union remained the largest buyer of Chinese permanent magnets last month, with the 2,140 tonnes shipped to the 27-country bloc accounting for 38 per cent of exports.