Automakers' wait for Chinese rare-earth magnets continues

Even after China's assurance to address India's concerns over export curbs on rare-earth elements and magnets, automakers are yet to receive any supply, resulting in continued uncertainty in the sector, people aware of the matter said.

- REUTERS

"Despite assurance from China, none of the (domestic) companies have received supplies from Chinese sellers," one of the persons cited above said.

Chinese foreign minister Wang Yi, during his visit to New Delhi last month, had promised External Affairs Minister S. Jaishankar that Beijing will ease restrictions on exports of rare-earth minerals, among other items.

Rare-earth magnets and elements, critical to industries ranging from automobiles and automobile components, electronics, medical industry and even defence, have been subjected to export licensing norms by China since April 4. The curbs were imposed in response to United States' (US') increased tariffs on Chinese products.