China’s rare earth exports clampdown: Curbs backfire as local magnet makers reel from demand collapse; revenues plunge and inventories pile up despite US deal

China’s curbs on rare earth exports have shaken the global auto industry. Carmakers faced production halts. The restrictions also hurt Chinese magnet producers. Magnet exports saw a sharp decline. A deal between the US and China aims to restart trade. However, recovery is expected to be slow. Domestic magnet firms face challenges.