China Restricts Heavy Rare Earth Compounds While Magnet Exports Rebound-Silverado Finds a Two-Speed Supply Chain

Highlights

• U.S.-bound controlled rare earth compounds rose to 29 tonnes in July 2026, still far below pre-control norms
• Chinese permanent-magnet exports to the U.S. reached 647 tonnes, surpassing the 2024 monthly average for the first time since October 2025
• No direct Chinese terbium reached the U.S. in January–July 2026, with imports rerouted through Europe instead
• Yttrium exports remain depressed and global lutetium oxide exports fell to zero in July 2026
• South Korea emerged as the top destination for controlled compounds while Japan remains heavily constrained