Overview
- China’s Foreign Ministry said it is ready to enhance dialogue and cooperation to stabilise rare earth metal and magnet exports to India.
- The External Affairs Ministry confirmed ongoing discussions in Delhi and Beijing to bring predictability to critical magnet supplies for Indian manufacturers.
- Maruti Suzuki reduced its e-VITARA electric SUV production target by two-thirds in response to rare earth magnet shortages and industry leaders have requested government intervention to expedite Chinese licences.
- India is evaluating alternative suppliers in Vietnam, Australia and the United States and drafting plans to build a domestic rare earth magnet ecosystem.
- Beijing controls more than 90 percent of global rare earth processing capacity, underscoring India’s urgency to diversify its supply chain.