China's exports of rare earth magnets to US skyrocket

BEIJING, July 20 (Reuters): China's exports of rare earth magnets to the United States in June soared by more than seven times from May, a sharp recovery in the flow of critical minerals key to 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% 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.
China, which provides more than 90% of 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 falls in shipments in April and May, due to the lengthy times required to secure export licences, had rattled global suppliers., forcing some automakers outside China to halt partial production due to shortage of rare earths.