India Moves to Save Its Rare Earths, Seeks Halt to Japan Exports

India has asked state-run miner IREL to suspend a 13-year-old agreement on rare earth exports to Japan and to safeguard supplies for domestic needs, two persons familiar with the matter told Reuters, aiming to reduce India's dependence on China.

- Reuters

NEW DELHI:

IREL also wants to develop India's capacity for rare earth processing, which is dominated globally by China and has become a weapon in escalating trade wars. China has curbed its rare earth materials exports since April, pressuring automakers and high-tech manufacturers worldwide.

In a recent meeting with auto and other industry executives, Indian Commerce Minister Piyush Goyal asked IREL to stop its exports of rare earths, mainly neodymium, a key material used in magnets for electric vehicle motors, one of the person said.