Online Reporter
Chinese exports of rare earths, a group of 17 minerals at the centre of a trade dispute with Washington, recovered to 5 865 tons in May, according to customs data on Monday.
That’s an improvement on the 4 785 tons shipped in April, although it’s still below last year’s figure of 6 217 tons. Overseas sales so far this year have risen 2,3 percent to 24 827 tons. The data doesn’t cover rare earth products, which include high-value magnets for electric motors and hard-disk drives.
Rare earths will top the agenda later in the day, when negotiators meet in London as the world’s two biggest economies seek to defuse tensions. The list of grievances includes China’s export controls on rare earth minerals and magnets, which are used widely in high-tech and defense manufacturing.
The customs figures on Monday offer an incomplete picture of the impact of China’s curbs, which only apply to worldwide sales of seven of the elements. Those were imposed April 4 in retaliation to punitive tariffs levied on Chinese goods by President Donald Trump. China accounts for almost 70 percent of the world’s production of rare earths.
The May data for rare earth products is due to be released on June 18. The breakdown of export destinations should be available June 20.
China appeared to loosen its curbs last month, after an announcement on May 12 that the two countries had agreed to lower tariffs and other barriers to trade. The US subsequently accused Beijing of stalling on sales, although delays may have been due to long lead times in China’s permitting system. European trade officials and carmakers have also sounded the alarm on disruption to supplies from China. — Moneyweb
