China has returned the export of rare magnets of the western land

China’s restrictions on exporting rare materials that significantly violate global supply chains, specifically critical for automakers.

Chinese company JL Mag Rare-Earth, one of the leading manufacturers of magnets from rare-earth elements, has reported on receiving export licenses for providing products to the United States, Europe and Southeast Asia. Reuters reported this on Wednesday, June 11.

We talk about magnets, engine rotors and ingredients.

The licenses received after April Peking added some rare -earth metal and related products to the regulated export list.

JL MAG confirmed that the company’s applications for export permission were gradually approved.

The news emerged immediately after Chinese and American officials reached an agreement with London. According to the United States Minister of Community, it should “resolve” issues of restrictions on rare materials.

The JL Mag shares rose 7.9% in the afternoon.

Another Chinese manufacturer – Innuovo technology – recently received part of exporting permits, without specifying who their consumers were. Beijing simultaneously facilitates the processing of applications for some European companies, as the number of appeals has increased.

China restrictions have violated global supply chains in the vehicle, aviation, microelectronic and defense spheres.

Prior to that, Chinese exports to the United States fell 34.5% compared to last year, which was the most sharp fall since February 2020, when Covid-19 trade violations violated trade.

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