China opens door to rare earth relief

Four Indian cos get nod; Beijing suspends planned extra curbs

- Ayaan Kartik & Nehal Chaliawala

Four Indian companies have won Beijing's approval to import rare earth magnets, signalling an easing of the Chinese grip that had various local industries in a twist since April.

The relaxation comes six months after the northern neighbour clamped down on shipments of these vital raw materials at the outset of a trade war with the US.

The Chinese commerce ministry has approved the rare earth magnet export applications of Jay Ushin Ltd, De Diamond Electric India Pvt. Ltd, and the Indian units of German automotive component maker Continental AG and Japan's Hitachi Astemo, according to a senior executive with an automotive firm and an executive with an auto industry lobby group.

The relief came on a day when US president Donald Trump said the rare earth issue is "settled", not just for the US, but for the wider world.