India said it has obtained a license from China to import rare earth magnets

The Ministry of Foreign Affairs of India said that Indian companies have obtained licenses to import rare earth magnets from China, indicating that Beijing has relaxed its export control.

Reuters reported that Indian Foreign Ministry spokesperson Randir made the above announcement at a press conference on Thursday (October 30), but did not disclose details such as the approved companies, the number of licenses or additional conditions.

Rare earths are a group of minerals composed of 17 elements and play a crucial role in the manufacturing of automobiles, aircraft and weapons. Amid the trade tensions between China and the United States, rare earths have become one of China's most powerful chips. China almost holds a dominant position in the technology of processing rare earths into magnets.

This year, Beijing has tightened its exports of rare earth processing materials to India and other major economies to enhance its geopolitical influence. These restrictions were implemented in April, causing a shortage of rare earths.