Source: Sharecast
Magnet exports declined 6.1% to 5,774 tonnes, following three straight months of increases that took volumes to a seven-month high in August, according to customs data reported on Monday.
While still up 17.5% over last year, the monthly pull back comes amid an escalation of trade tensions between China and the US following Beijing's expansion of export controls on the rare earths.
According to customs data, shipments of rare earth magnets to the US specifically dropped 28.7% over the month of September.
Earlier this month, China's Ministry of Commerce published a set of restrictions on exports of certain additional rare-earth elements, magnet and sputtering-target materials, processing equipment and battery-related materials and technologies.
Due to take effect in November, Beijing claimed the controls are intended to protect national security and curb sensitive technologies from leaving the country.
However, with China thought to account for 80-90% of the global supply of rare earths, the move has unnerved foreign governments since many elements (such as neodymium, dysprosium and terbium) are crucial to modern clean-energy technologies like EV motors, wind turbine generators and consumer electronics.
