Despite a detente on China’s restrictions on the critical manufacturing inputs, shipments remain far below last year’s levels.

In total, China exported 3,188 tons of rare earth permanent magnets last month, up 157.5% from 1,238 tons in May, although the June volume was still 38.1% lower than the corresponding month in 2024. Shipments of magnets are likely to recover further in July as more exporters obtained licences in June, analysts said.

The country's government alleges collusion to steal rare earths-related goods by repackaging and relabeling rare metals to hide their Chinese origin.