China has approved the first batch of rare earth export licences since controls were imposed in April, easing months of disruption in trade, reported Reuters.
China has approved the first batch of rare earth export licences since controls were imposed in April, easing months of disruption in trade, reported Reuters. At the same time, US soybean shipments to China have resumed after a long halt caused by tariffs.
The new general licences allow year-long exports for individual customers and were agreed at the Trump-Xi summit. JL Mag Rare Earth has secured permits for nearly all its clients, while Ningbo Yunsheng and Beijing Zhong Ke San Huan High-Tech obtained approvals for some customers, Reuters said.
A seventh US soybean cargo was loaded last weekend and is already en route to China, the first since May. At least six more bulk vessels are scheduled to load soybeans at Gulf Coast terminals through mid-December.
US farmers and grain traders had been waiting for shipments to restart after trade talks in South Korea in late October. The White House said Beijing pledged to buy 12 million metric tons of soybeans by year-end.
Hong Kong's China Economic Review noted the approvals are the first since November's Trump-Xi meeting, though details remain unclear. It added that soybean exports are moving again, with one cargo already sailing and six more planned this month.
The review said these developments are a cautious positive amid continuing uncertainty. Rare earth export controls shocked global markets in April, while US soybean shipments stopped in May. Efforts are growing to develop rare earth sources outside China, and although American farmers welcome resumed sales, volumes remain far below those seen during the Biden era.
