Beijing has decided to add seven rare earth minerals to its export control list, prompted by the policies of the United States. Specifically, these include samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium. These metals are used in various technologies, including displays, powerful magnets, medical devices, and even defense systems.
This is reported by Бізнес • Медіа
Now, the export of these metals and the magnets made from them is only possible with special export licenses. It is worth noting that China has only just begun to establish a system for issuing these licenses, which may lead to delays in supplies. This means that some buyers may find themselves without the necessary shipments, which, in turn, will impact their production.
Impact of Measures on International Markets
Export control on rare earth metals will have serious consequences for the US, Europe, and Japan, where these materials are widely used. Their applications include optical lasers, radar devices, magnets for wind turbines, coatings for jet engines, and other high-tech solutions.
According to analysts, the export volumes of other critical minerals that have also come under control in the last two years, such as gallium, germanium, and antimony, fell to zero within a few months after similar measures were implemented. Exporters needed time to obtain the necessary certifications.
New US Strategy
In light of these events, the US administration is working on an executive order that will allow for the creation of stockpiles of critical minerals extracted from the ocean floor. This initiative aims to reduce dependence on the import of rare earth elements and ensure supply stability for American companies.