Market Chatter: China Grants Rare Earth Magnet Export Permits to Four Suppliers

MT Newswires

China has issued rare earth magnet export permits to at least four producers, signaling a partial easing of last month's export curbs, Reuters reported Wednesday.

Baotou Tianhe Magnetics secured a license for Volkswagen, sources said, after the automaker lobbied Beijing, according to the report.

Zhongke Sanhuan, Baotou INST Magnetic New Material , and Earth-Panda Advanced Magnetic Material also received permits, mostly for clients in Europe and Vietnam, Reuters wrote.

The move comes days after a US-China trade truce.

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Tianhe Magnetics Technology Sets Up Subsidiary

MT Newswires

603072

-1.88%

Baotou Tianhe Magnetics Technology completed the establishment of its subsidiary in China's Inner Mongolia Autonomous Region after obtaining the business license, according to a Shanghai Stock Exchange disclosure on Tuesday.

The subsidiary, Baotou Tianhe New Materials Technology, has a registered capital of 10 million yuan and manufactures magnetic materials and electronic specialty materials, the Chinese rare earth permanent magnet materials producer said.

The company's shares closed 4% lower.

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Earth-Panda Plans to Set Up 10 Million Yuan Subsidiary

MT Newswires

688077

-1.60%

Earth-Panda Advanced Magnetic Material plans to establish a magnetic material-making subsidiary with a registered capital of 10 million yuan, according to a Shanghai Stock Exchange disclosure on Thursday.

The planned subsidiary will be named Dadixiong (Lujiang) Plastic Magnetic Technology and will be located in Lujiang High-tech Industrial Development Zone, Hefei City, Anhui Province, China, the Chinese magnet manufacturer said.

The company's shares closed less than 4% higher.

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Market Chatter: China Grants Rare Earth Magnet Export Permits to Four Suppliers

Tianhe Magnetics Technology Sets Up Subsidiary

Earth-Panda Plans to Set Up 10 Million Yuan Subsidiary

Risk Disclosure