China's rare earth magnet exports rise 158%

China's exports of rare earth magnets rose by about 158% month-on-month in June, following an agreement to ease trade tensions. This partially eased a global supply crisis that threatened to shut down factories and sparked widespread concern in technology and industrial markets.

According to Chinese customs data, total magnet shipments rose to 3,188 tons last month, more than double the 1,238 tons recorded in May amid Chinese restrictions, according to Bloomberg.

While flows to the United States alone rose to 353 tons, up from just 46 tons, June's total exports remain significantly lower than before Beijing imposed export controls in early April and are only about two-thirds of last year's monthly average.

Beijing has imposed export restrictions on seven of 17 rare earth elements since April, including magnets used in high-tech industries such as electric cars, mobile phones, and fighter jets, before reaching a trade truce with the United States in Geneva last month