China has approved a certain number of rare earth export licenses, signaling an easing of restrictions that previously impacted global supply chains, especially in the automotive and defense industries.

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

Chinas exports of rare earth magnets dropped sharply in May, falling 52.9% from April to just 1,238 metric tonsthe lowest monthly level since February 2020, according to Chinese customs data. Year-on-year,