China Approves Rare Earth Exports for Civilian Use, Global Supply Stabilizes, India Relieved

• China announced approval for the export of 'Rare Earth Metals' for civilian use, a key demand from India.
• China's Ministry of Foreign Affairs clarified that export controls are legal, not country-specific, and civilian applications will be approved if regulations are followed.
• China dominates the global rare earth market, accounting for 70% of mining and 90% of processing.
• These metals are crucial for manufacturing electronics, automobiles, wind energy, and defense equipment.
• The decision brings significant relief to Indian industries, especially the automobile and technology sectors, which faced pressure from previous restrictions.

Why It Matters: China's approval of rare earth exports for civilian use stabilizes global supply and brings relief to India.