Why is it in the news?
- China expands export ban to include technology for manufacturing rare earth magnets, alongside existing restrictions on technology for extracting and separating these critical materials.
Reasons for China’s Decision
- China added technology for manufacturing rare earth magnets to its “Catalogue of Technologies Prohibited and Restricted from Export.”
- It is aimed at protecting national security and public interest.
- The ban extends beyond magnets, covering technology for producing rare-earth calcium oxyborate and rare earth metals.
- Previous prohibitions on the production of rare earth alloy materials are also included.
- Earlier in August 2023, export permits for chipmaking materials like gallium and germanium implemented. Later, similar requirements extended to various types of graphite.
- China, as the world’s leading processor of rare earths, imposing such restrictions raises concerns about potential disruptions in the supply chain for these critical minerals.
|About Rare Earth Magnets
· Powerful permanent magnets made from alloys of rare earth elements.
· Notably neodymium magnets and samarium cobalt magnets.
· Known for exceptional strength and magnetic properties.
· Group of 17 metals crucial for creating magnets that convert power into motion.
· Essential for various applications, including electric vehicles, wind turbines, and electronics.