China announces suspension of expanded rare earth export controls

Bangkok Post Group

China suspended an array of export control measures it imposed on October 9, including expanded curbs on some rare earths materials and equipment, as well as lithium battery materials and super-hard materials, the Commerce Ministry said in a statement on Friday. - REUTERS

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00:01China suspended expanded export controls on rare earths materials and equipment on Friday.

00:09The country's commerce ministry said increased curbs on lithium battery and super-hard materials were also stopped.

00:16Beijing had imposed the measures just under a month ago,

00:19but it said Friday suspensions were effective immediately and would apply through to November next year.

00:25The announcement confirmed and formalised an agreement reached after US President Donald Trump

00:30and Chinese leader Xi Jinping agreed to trade truce last month.

00:34Industry sources had earlier told Reuters China has begun designing a new rare earth licensing regime.

00:41They added it could speed up shipments,

00:43but likely won't lead to a complete rollback of restrictions as hoped for by Washington.

00:48The sources said Chinese authorities told some rare earth exporters

00:52they will be able to apply for new streamlined permits in the future.

00:57The export curbs have become Beijing's strongest leverage in its trade rivalry with Washington.

01:03China produces more than 90% of the world's processed rare earths and rare earth magnets.

01:09The ingredients are key for products ranging from cars to missiles.

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