After Beijing restricted shipments in April, China's rare earth magnet exports in August surged for a third consecutive month to reach a seven month high, signalling a steady rebound in the outflow of the minerals essential to electric vehicles.
According to data released by the General Administration of Customs on Saturday, August's outgoing shipments from the largest provider of rare earth magnets in the world increased 10.2% from July to 6,146 metric tonnes, up 15.4% from the previous year.The hike comes after Beijing and the US and Europe reached a number of agreements to speed up shipments and relax export restrictions that China had put in place in April in reaction to US tariffs.
However, the nation's 590 tonnes of exports to the US were down 11.8% from August of last year and 4.7% from the previous month.
