America's Rare-Earth Magnet Buildout Confronts the Hidden Supply Chain Behind EVs, Drones and AI

Highlights

• China's share of U.S. direct magnet imports jumped from 75.3% to 85.1% in 2025, even as total imports declined
• Up to 60% of U.S. NdFeB demand arrives hidden inside finished goods like EVs, robots and appliances—invisible to customs codes
• U.S. factories from MP Materials, eVAC and Noveon are scaling, but qualification cycles and feedstock gaps remain the real bottleneck
• JL MAG alone produced roughly 29,300 tonnes of magnet blanks in 2024, dwarfing any single non-Chinese producer
• Commerce warns domestic magnet viability requires sustained commercial demand, not defense contracts alone