China Signals Softer Stance on Rare Earth Export Curbs
China said it would cooperate further with other countries over its rare earth export controls as shortages put auto and semiconductor makers in Europe and India at risk of closure.
China, which controls over 90% of global processing capacity for the rare earth magnets used in everything from automobiles and fighter jets to home appliances, imposed restrictions in early April requiring exporters to obtain licenses from Beijing.
While a handful of licenses have been granted, including to some Volkswagen suppliers, Indian automakers say they have received none and will have to stop production in early June.