China unlocks REM import licences for Indian firms

China has gradually started issuing licences to import rare-earth magnets (REMs) into India through suppliers of domestic as well Indian units of foreign companies, according to government officials.

- SHREYA NANDI

Some of the companies on the list are Jay Ushin, Indian units of German automotive component maker Continental AG, vendors of Mahindra, vendors of Maruti Suzuki, and suppliers of Honda Scooters and Motorcycles.

"Although it's a slow start, China's Ministry of Commerce has started processing and clearing the applications. Some companies have received necessary approvals. The process has now started," one of the officials told Business Standard.

China dominates the global production and capacity of REMs, which have been subjected to export restrictions since April 4.