China's exports of rare earth products hit 6-month high
What's the story
China's export of rare earth products, including magnets, witnessed a major recovery in July. The volume shipped overseas increased by a whopping 69% to 6,422 tons, the highest since January this year. This comes after months of concerns over global shortages due to China's supply restrictions amid trade tensions with the US.
Trade talks
Magnets at center of US-China trade talks
The category of exported "products" usually comprises magnets, small but vital components for manufacturing. These magnets were at the center of US-China trade discussions earlier this year. Notably, the supplies plummeted in April and May after China placed strict export controls on rare earth magnets in response to US tariff threats.
Supply restoration
China promised to expedite shipments after trade truce
After the trade truce between the US and China, Beijing promised to expedite shipments of rare earth products. US Trade Representative Jamieson Greer said earlier this month that China was "about halfway there" in terms of restoring magnet supplies to pre-control levels. The move has not only benefited the US but also carmakers from Europe to India who faced disruptions during the tight supply period.