India-China Trade Thaw Exposes India's 100% Sintered NdFeB Import Dependence

Highlights

• India currently imports all of its sintered NdFeB magnet demand despite having domestic rare-earth mining and oxide-refining capabilities.
• China accounted for 91% of rare-earth refining and 94% of sintered permanent-magnet production in 2024, per IEA data.
• India's ₹7,280 crore magnet program targets 6,000 tonnes per year, but 2030 domestic demand is estimated at 8,220 tonnes—leaving a structural gap.
• Diplomatic normalization with China may ease trade friction but does not resolve India's downstream dependency on metals, alloys, and magnets.
• Strategic leverage in rare earths migrates downstream from ore to qualified magnet, making ore reserves alone insufficient for supply-chain independence.