ISTANBUL
China began issuing licenses for rare earth elements and magnets to EU firms, the South China Morning Post reported Thursday, citing EU sources.
The report said European governments and businesses have been urging Chinese officials to relax export restrictions that were imposed following US President Donald Trump's "reciprocal tariffs" in April.
And it comes after the Chinese Commerce Ministry said Thursday it had been “accelerating approval of rare earth export licences” for EU firms in “accordance with the law,” according to the Global Times.
“China can resolve the issue around rare earths before a meeting between Chinese and European leaders in July, as well as the details on the progress concerning rare-earth license approvals for EU firms,” ministry spokesman He Yadong said at a news conference in Beijing.
On June 11, a major Chinese manufacturer of rare-earth magnets, JL MAG Rare-Earth, announced that it secured export licenses from national authorities, to ship products to regions including the US, Europe and Southeast Asia.
China remains the world's leading producer of rare earth elements, accounting for more than 80% of the annual supply.
China's rare earth exports increased 23% in May to 5,864.60 tons compared to April. Government data shows total exports for the first five months of the year totaled 24,827 tons, representing a 2.3% increase year-on-year.