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EN
China rare-earth magnets exports to EU surge
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China Economic Review
China’s exports of rare-earth magnets to the European Union surged in August, underscoring the bloc’s heavier reliance on Chinese supply compared with the US and its exposure to trade tensions between Washington and Beijing, reports Bloomberg .
In contrast, exports to the US fell 5% on-month to 590 tons.
Rare-earth magnets that are essential for electric vehicles, wind turbines, and military hardware became Beijing’s most potent weapon in the standoff with Washington earlier this year.
Even with the recent rebound, the earlier supply crunch continues to ripple through the bloc.
EU companies incurred seven production stoppages in August and an additional 46 are expected this month, the EU Chamber of Commerce in China said on Thursday.
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