FT has learned about China's call not to create excessive reserves of rare earth metals

Chinese authorities have warned that the buildup of rare earth metals by Western companies could lead to shortages in the global market. This was reported on August 15 by the Financial Times newspaper, citing sources.

China has warned Western companies against accumulating excessive reserves of rare earth metals and finished products from them, including magnets used in electric motors and other critical technologies. One of the sources said that China had threatened foreign companies with a serious supply shortage.

The country provides 90% of the world's processing of rare earth metals and produces 94% of permanent magnets. According to the report, China uses such export restrictions as a tool of political influence.

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Earlier, on July 20, Reuters reported that shipments of rare earth metals from China to the United States increased sixfold in June compared with the previous month.

Prior to that, on June 8, Kevin Hassett, head of the National Economic Council at the White House, said that the United States intends to ask China to increase exports of rare earth metals.

All important news is on the Izvestia channel in the MAX messenger.