Three Indian companies get first approval to import rare earth magnets from China

Three Indian companies have received the first set of licenses to import China’s tightly controlled rare earth magnets, industry sources told CNBC-TV18.

Continental India, Hitachi, J Ushin are three Indian companies that got the first approval to access rare earth magnets on the condition that they will not export it to the US nor use it for defense purposes.

China’s dominance of rare earth magnets is a key advantage that the Asian giant has maintained in its trade deals with the US.

Rare earth resources are a key component for high-tech and clean-energy industries, particularly in the manufacturing of electric vehicles (EVs), wind turbines, smartphones and defense products.