China Eases Rare Earths Export Controls Amid Global Tension

In a pivotal development in global trade, JL MAG Rare-Earth, a leading Chinese manufacturer of magnets, has secured export licenses for rare earth products. The move comes after China included these materials on a control list, impacting exports to vital regions such as the United States and Europe.

The company reported its progress via Shenzhen stock exchange's investor platform, noting that approvals are being granted in succession. This announcement came swiftly after a U.S.-China accord was reached in London to alleviate restrictive trade measures, as confirmed by U.S. Secretary of Commerce Howard Lutnick.

Consequently, JL MAG's stock surged by 7.9% in late afternoon trading. As China offers expedited approvals for several European enterprises amidst growing applications, its export controls have significantly disrupted global supply chains, affecting industries from automotive to aerospace.

(With inputs from agencies.)