India's FY25 Magnet Imports Double

INDIA'S IMPORTS OF permanent magnets—many containing rare earth elements (REEs)—nearly doubled to 53,700 tonne in FY25 from around 28,700 tonne the year before, according to official trade data.

- AGGAM WALIA

The surge in imports, with 93% coming from China, preceded Beijing's April 4 export restrictions on rare earth magnets, which have since disrupted production lines globally. In India, with just 2–3 weeks of REE magnet supply remaining, industry executives are expected to travel to China in a bid to ease the shortage, sources stated.

Consumption of permanent magnets has grown significantly in India over the last five financial years—from just 12,400 tonne in FY21 to 28,700 tonne in FY24, before imports surged 88% to 53,700 tonne in FY25. Despite the large jump in quantity imported in FY25, the value of imports grew by only 5% to ₹1,744 crore, which could be suggestive of some dumping as well.

China is a dominant supplier of permanent magnets, accounting for upwards of 90% share. Imports from China increased by 95% year-on-year to 50,000 tonne in FY25. Permanent magnets, especially those made with REEs, are widely used in electric vehicle (EV) motors, wind turbines, aerospace, and defense.