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Bloomberg Quint
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India Hopes For Positive Outcome From Talks With China Over Rare Earth Magnets Export Curbs
- China's export restrictions on rare earth elements and magnets are affecting India's auto and white goods sectors.
- India is hopeful for a positive outcome from talks with China regarding the export curbs on rare earth magnets.
- The automobile industry seeks government support to expedite approvals for importing rare earth magnets from China.
- Commerce Secretary stated that the export curbs are impacting various countries, not just India, particularly affecting the auto sector.
- Efforts are being made at diplomatic and commercial levels to address this issue and ensure imports to India.
- China's new regime may require special export licences for certain rare earth elements and magnets, affecting global supply chains.
- The Chinese control over 90% of global processing capacity for magnets used in various sectors like automobiles and clean energy.
- Critical materials like samarium, gadolinium, terbium, dysprosium, and lutetium are now subject to special export license requirements.
- India and China are engaging in diplomatic and commercial discussions to resolve the rare earth export issues.
- In hopes of a positive resolution, India is facilitating talks between industries in both countries to address the import challenges.
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