Beijing’s iron grip on the minerals that power your car, phone, and defense
Over the past 30 years, China’s rare-earth element (REE) trade surged ninefold, outpacing the US and leaving major importers—like the US, India, and South Korea—over 80% dependent on its exports. State support and global ore sourcing powered Chinese firms to undercut rivals, decimating foreign magnet industries by 2010. By 2024, China produced six times the REEs of the US and supplied 63% of global exports; its April 2024 export controls on “dual-use” magnets rippled through automotive, electronics, and defense sectors. India’s REE exports grew 14-fold to $54 M, yet it still sources 96.9% of its needs from China, despite holding the world’s third-largest REE reserves (6.9 Mt)—a potential foundation for future supply-chain autonomy.
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