EXCLUSIVE-China issues first batch of streamlined rare earth export licenses, source says
China has issued the first batch of streamlined rare earth export licenses to at least three magnet makers, including JL Mag Rare Earth, Ningbo Yunsheng, and Beijing Zhong Ke San Huan High-Tech. This move follows a summit between Presidents Trump and Xi Jinping, aimed at easing trade tensions. The new licensing regime allows these companies to accelerate exports to some customers, marking a significant development in China-U.S. trade relations.
Dec 2 (Reuters) - At least three Chinese rare earth magnet makers have secured licenses enabling them to accelerate exports to some customers, a source familiar with the matter said on Tuesday, fulfilling a key outcome of the summit between Presidents Donald Trump and Xi Jinping.
China began designing a new rare earth licensing regime centered around so-called “general licenses” following the late October meeting between Trump and Xi that eased trade tensions between the two countries, Reuters reported in early November.
JL Mag Rare Earth (300748.SZ) has obtained licenses to ship to nearly all of its clients, while Ningbo Yunsheng (600366.SS) and Beijing Zhong Ke San Huan High-Tech (000970.SZ) secured licenses to export to some of their clients, the person said, declining to be identified due to the sensitivity of the matter.
The three companies and China’s Ministry of Commerce did not immediately respond to questions.
