China issues export licenses for magnetic exports to US, Europe, Southeast Asia

By Berk Kutay Gokmen

ISTANBUL (AA) - JL MAG Rare-Earth, a major Chinese manufacturer of rare-earth magnets, announced on Wednesday that it has secured export licenses from national authorities, allowing it to ship products to regions including the US, Europe, and Southeast Asia, Global Times reported.

Following the implementation of export controls on medium- and heavy-rare-earth-related materials, the company stated that it submitted export declarations in accordance with government regulations and received the necessary licenses.

The authorized exports, which include magnetic materials, components, and motor rotors, are carried out legally and under applicable laws, according to the company.

This announcement follows a statement issued by China's Commerce Ministry on Saturday, which confirmed the approval of several export license applications for rare earth-related goods.

The move is in response to rising global demand for medium and heavy rare earths, particularly from industries like robotics and new energy vehicles.

China remains the world's leading producer of rare earth elements, accounting for more than 80% of the total annual supply, according to Xinhua news agency.

China's rare earth exports increased by 23% in May to 5,864.60 tons compared to April. The government data shows that total exports for the first five months of the year totaled 24,827 tons, representing a 2.3% increase year on year.

US and Chinese officials met in London this week to discuss tariff issues and trade restrictions, as well as Beijing's rare earth exports and China's access to US products, with US President Donald Trump declaring that a deal between Washington and Beijing "is done."

In a post on the Truth Social, the US President said that Washington “is getting a total of 55% tariffs, China is getting 10%.”

"Full magnets, and any necessary rare earths, will be supplied, up front, by China," Trump said, adding: "Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!)."

"Relationship is excellent!" he added.