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.
That marked a 57 per cent month-on-month increase, following a more than threefold rise in June, when China said it would accelerate export licence approvals for permanent magnets.
By country, Germany was the world’s largest importer of Chinese permanent magnets in July, with 1,116 tonnes, a 46 per cent increase from June.
The United States was in second place, with the 619 tonnes it bought in July accounting for 11 per cent of China’s permanent magnet exports that month. Its imports were up 76 per cent from June and also marked a second consecutive month of growth.
