India Allows Imports of Chinese Rare‑Earth Magnets

India’s Ministry of External Affairs confirmed that some domestic firms have received licences to import rare‑earth magnets from China, providing short-term relief to the auto and EV supply chain. First licences reportedly went to four companies, including Indian units of Hitachi and Continental, and are conditional on DGFT endorsements and assurances that the magnets won’t be diverted to defence uses. The approvals come after a U.S.–China summit where Beijing agreed to pause planned rare‑earth export controls for one year as part of a broader deal covering tariffs and fentanyl cooperation. The announcement and the pause triggered rallies in U.S.-listed rare‑earth miners. Analysts caution the reprieve is temporary given remaining restrictions and China’s dominant refining and processing position, and Indian officials say they will monitor how U.S.–China talks affect India while balancing immediate industry needs and broader supply‑chain risks.