Curbs on magnets used in electric vehicles and jet fighters are at the core of recent U.S.-China trade tensions.

China's grip on rare earths — vital for smartphones, EVs, and military tech — has left the US, Europe and India vulnerable. Until global supplies increase, Beijing wields great power over the West's critical industries.

Chinese shipments of rare earth magnets saw a considerable drop in May, with shipments halving compared to April and touching their lowest level in more than five years. China shipped out 1,238 metric tons of rare earth permanent magnets in May,