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Through years of calculated efforts, China has secured an iron grip on rare earth magnets. It channelled state support and ensured an abundant supply of raw materials from around the world, helping Chinese companies undercut global rivals, decimating industries in the US and other nations by 2010. With competition largely folding, Beijing now wields significant leverage on supply chains.

Through years of calculated efforts, China has secured an iron grip on rare earth magnets. It channelled state support and ensured an abundant supply of raw materials from around the world, helping Chinese companies undercut global rivals, decimating industries in the US and other nations by 2010. With competition largely folding, Beijing now wields significant leverage on supply chains.

So, when China curbed exports of rare-earth magnets earlier this year, the ripple effects were felt worldwide across the automotive, electronics, and defence industries. Citing national security concerns, Beijing imposed export controls on “dual-use” materials with potential military applications and required exporters to provide detailed end-use documentation and, in some cases, third-party testing to verify the magnets’ composition.

As China's rare earth production soared, its dominance extended beyond production to global trade. In 1995, China matched the US in the production of these 17 strategic elements. By 2024, it was estimated to be producing six times more than the US, cementing its dominance at the centre of the global rare earth supply chain