Withholding
China is predicted to clamp down on the export of rare-earth element (REE) magnet manufacturing technologies and techniques. Experts point out that supply from alternative sources needs to be increased without delay with such magnets in wide use in various industries, ranging from smartphones and air conditioners to robots, aircrafts, wind turbines and electric vehicles.
“Making REE permanent magnets with neodymium is not that difficult and supply source replacement is possible,” one of them said, adding, “Still, REE magnet manufacturing entails environmental pollution and a replacement may take some time.”
In 2020, China accounted for 80 percent of the global neodymium production and 90 percent of South Korea’s REE magnet imports. “Possible alternatives include Australia and Vietnam,” the source said, continuing, “For example, Hyundai Motor Group signed a long-term contract with Australian company Arafura in November last year to purchase 1,500 tons of rare-earth element oxides a year.”