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China rejects Sona Comstar's rare earth magnets imports
Financial Express Kochi
|June 07, 2025
Auto component industry explores diplomatic ways
THE CHINESE GOVERNMENT has rejected Sona Precision Forgings' (Sona Comstar) application to import rare earth magnets (REMs), making it the first Indian company to face such a decision under China's tightened export control regime.
The move, according to sources familiar with the matter, took place in late May and comes amid broader concerns across the domestic auto component sector regarding new export licensing rules introduced by Beijing in April. However, sources said that Sona Comstar had submitted two applications and only one of them has been turned down, while the other is still under consideration.
This story is from the June 07, 2025 edition of Financial Express Kochi.
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