Rare Earth Rush: Germany, US, South Korea, Vietnam, and India Battle for China’s Magnets

China’s rare earth magnet exports in October 2025 highlighted the ongoing complexity of global supply chains amidst policy shifts and trade negotiations. The export volume saw an increase from previous months but remained under the shadow of export controls introduced or expanded earlier in the year. According to customs data, key importers by volume were Germany, the United States, South Korea, Vietnam, and India, reflecting strong international demand for critical magnet materials essential to electric vehicles, wind turbines, and high-tech industries worldwide.

Key Highlights

October exports of rare earth magnets from China registered approx. 4,343.5 metric tons, marking an 8.58% month-on-month increase but an 8.62% decline compared to October 2024.​

Germany, the US, South Korea, Vietnam, and India ranked as the top five export destinations by volume, showcasing the geographical diversity of demand.​

Export values showed a contrasting trend with volumes rising but average export prices declining month-on-month, signaling market adjustments amid regulatory scrutiny.​

China’s rare earth magnet supply remains critical globally, despite recent export curb expansions aimed partly at controlling technology transfer and geopolitical leverage.​

Year-to-date exports exhibit a nuanced picture of steady overall demand, despite volatile monthly shipment patterns influenced by export license tightening and international trade tensions.​

This situation reinforces China’s central role in the global rare earth supply chain, amidst increasing calls from consumer nations to diversify sources and develop domestic capacities over the coming decade.

Sources: General Administration of Customs China, Bloomberg, Reuters, China Trade Information Authority