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QINGDAO TODAY
在线翻译:
szdaily -> Business -> 
Rare earth magnet exports to US slide by a fifth
    2019-12-26  08:53    Shenzhen Daily

EXPORTS of rare earth magnets to the United States by China fell 21.2 percent month on month, customs data showed yesterday, as improving trade relations between the two countries reduced demand for stockpiling.

U.S.-bound shipments of the magnets, which are widely used in medical devices, consumer electronics and defense, came in at 376 tons last month, according to data from the General Administration of Customs. The figure was also down 3.2 percent year on year.

The U.S. military plans to stockpile rare earth magnets used in Javelin missiles and F-35 fighter jets, according to a government document seen previously, although a U.S. policy bill bans the purchase of rare earth magnets from China for military use in the 2019 fiscal year.

China, the world’s top producer of rare earth magnets, raised in May the prospect of restricting the supply of rare earth products in its trade tensions with Washington.

It has since raised annual rare earth output quotas to record highs and agreed an initial deal to end the trade row, although its overall rare earth exports in November totaled only 2,636 tons, the lowest since May 2015, customs data released Dec. 8 showed.

China’s rare earth magnet exports to all countries came in at around 2,891 tons last month, down 6.5 percent from 3,091 tons in October and up 10.4 percent from November 2018.

The biggest export destination for the magnets was Germany, to which China sent 672 tons in November. In October, rare earth magnet exports to Germany had spiked to around 708 tons, the highest since at least 2016.

(SD-Agencies)

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