Weekly News Review September 21 – September 27 2026

China and the United States appear to be moving closer on economic policy, with potential implications for raw materials trade. At the same time, the latest trade data underline how central China remains to global supply. Meanwhile, the U.S. is advancing an infrastructure project in Latin America that in some respects recalls China’s Belt and Road Initiative—the details in our roundup.

TRUMP – XI SUMMIT: RARE EARTHS MEASURES EXTENDED FOR TWO MONTHS –

Both sides confirm extension of trade arrangements; new export restrictions on critical raw materials go unmentioned.

As expected, the additional restrictions on rare earth exports, set to take effect on November 10, played only a minor role at the summit between U.S. President Donald Trump and Chinese President Xi Jinping. The talks focused instead on broader trade and technology issues as well as geopolitical topics such as Taiwan and Iran.

For now, this leaves the situation largely as U.S. Treasury Secretary Scott Bessent described: the existing trade agreement has been extended by two months, until January 10, 2027. He Yadong, a spokesperson for China’s Ministry of Commerce, has since also confirmed that the two sides agreed during their latest talks in New York to extend the arrangements reached during the trade consultations in Kuala Lumpur.

Neither side explicitly mentioned rare earths or the additional export controls. However, because the suspension of these measures was part of the arrangements agreed in Kuala Lumpur, their extension strongly suggests the additional export restrictions will also be postponed by two months. Formal confirmation of the extended suspension is still pending.

Background: China had suspended the additional export controls announced in October 2025 until November 10, 2026. The measures cover additional rare earth elements, as well as certain equipment, machinery, and intermediate products used in their mining, separation, and processing. They would also allow licensing requirements to be applied to products made abroad if they contain Chinese rare earths or were produced using Chinese technology. The rules were particularly strict for military end-users and certain high-tech applications.

CHINA: AUGUST EXPORT DATE FOR CRITICAL MINERALS RELEASED –

On 20 September, Chinese customs authorities released a series of foreign trade data on critical raw materials and components made from them. Export trends varied widely across product groups, while rare earth magnet exports remained relatively stable.

GALLIUM AND GERMANIUM:

The monthly figures show how sharply exports of the two metals can fluctuate.

After a brief recovery in July, China’s gallium exports plunged in August. According to the latest Chinese customs data, the country shipped just 350 kilograms abroad. Exports had reached 7,200 kilograms in July and almost the same amount, 7,201 kilograms, in August 2025. August’s shipments were therefore down around 95% against both comparison months.

South Korea received all 350 kilograms exported in August 2026. In July, Germany had been the largest buyer, followed by Malaysia.

Germanium followed a different path. China exported 2,769 kilograms in August, its highest monthly total so far this year and around 88% more than in July. Exports were also up around 137% from August 2025, when China shipped 1,166 kilograms abroad.

As in previous months, most of the germanium exported in August 2026 went to Russia. Germany and Turkey also received sizeable amounts.

Japan received 48 kilograms of germanium, despite China having tightened its export controls on shipments to the country in January 2026. The restrictions target supplies destined for Japan’s military sector; civilian exports remain possible. Japan has received significantly less material from China since then.

Exports of both metals have been volatile in recent months, with several steep declines already recorded this year. China, the leading producer, introduced export controls on gallium and germanium in summer 2023, citing their potential military applications. Shipments have since depended heavily on export approvals, although monthly volumes fluctuated even before the controls took effect.

TERBIUM AND DYSPROSIUM:

China exported significantly less dysprosium in August than in the previous month. According to customs data, only 802 kilograms were shipped overseas, split almost evenly between South Korea and Portugal. In July, exports totaled 11,292 kilograms, all to South Korea. Terbium exports, by contrast, rose by 71 percent to 2,251 kilograms, with South Korea again the largest destination, receiving 2,000 kilograms. According to the latest data, exports of both heavy rare earth elements also remain well below year-ago levels.

Since April 2025, China has imposed export controls and corresponding licensing requirements on dysprosium, terbium, and several other medium and heavy rare earth elements. Export volumes can therefore fluctuate considerably from month to month. In addition, dysprosium and terbium are relatively small markets, so individual large shipments can substantially affect monthly export statistics. Our chart shows how Chinese exports have developed so far this year.

RARE EARTH MAGNETS:

China’s exports of rare earth magnets remain relatively stable. In August, China exported 5,011 metric tons, almost seven percent less than the previous month. As in July, Germany remained the largest destination, receiving 1,045 tons – almost twice as much as South Korea. The United States, Vietnam and India followed.

US AND ARGENTINA PLAN TRANSPORT UPGRADES FOR LITHIUM AND COPPER:

Railways and ports are better to connect Argentina’s mining regions to the Atlantic.

On the sidelines of the UN General Assembly in New York, the United States and Argentina announced a joint initiative to improve links between Argentina’s mining regions and Atlantic ports. Under the Andes-Atlantic Corridor initiative, the two countries aim to modernize railways, waterways, ports and power grids. The focus is on lithium and copper, as well as oil and gas.

The U.S. export credit agency EXIM and Argentina have also agreed on a financing framework of up to $7 billion by 2027 for infrastructure and productive capacity. So far, no specific funding commitments for mining projects have been announced under the framework.

The initiative builds on existing cooperation on raw materials. U.S. officials held talks with Argentina’s mining industry in 2024. In February 2026, the two countries signed a framework agreement on critical minerals. A U.S. delegation is due to visit the provinces of Jujuy and Salta in October to explore potential corridor projects.

According to the U.S. Geological Survey, Argentina and the United States are tied for fourth place worldwide in lithium reserves. Australia, Chile and China, however, produce considerably more lithium. To make better use of its resources, which also include rare earth occurrences, Argentina is increasingly seeking international partnerships and investment.

CHINA: SHENGHE PUSHES BACK AT REPORTS OF POSSIBLE TAKEOVER BY STATE-OWNED GROUP –

A new owner of the Chinese rare earths group would also raise questions over its stake in MP Materials.

Reuters reported exclusively over the weekend on a possible takeover of Shenghe Resources by the state-owned China Rare Earth Group. Talks had been underway since the beginning of the year, the news agency said, citing people familiar with the matter. Shenghe Resources, a publicly listed Chinese rare earths group with numerous international holdings, has since pushed back against one key aspect of the report. According to its controlling shareholder, there are no plans to transfer control of the company to an external party. The shareholder in question is the Institute of Multipurpose Utilization of Mineral Resources, a state-run Chinese research institute for mineral resources based in Chengdu.

However, the statement does not say whether talks or preliminary discussions with China Rare Earth Group have taken place.

Shenghe also holds a stake in MP Materials.

Shenghe’s international holdings include a stake of around three percent in MP Materials, the operator of the Mountain Pass mine in California. If a Chinese state-owned group were to take control of Shenghe, its stake in MP Materials would also indirectly come under Chinese state control. Given the U.S. company’s strategic importance, this would raise questions about how the stake would be handled going forward. According to Reuters, it remains unclear what impact a possible takeover would have on Shenghe’s overseas holdings.

For years, Shenghe purchased a large share of the rare earth concentrate produced at Mountain Pass and marketed it in China. This supply relationship ended in 2025, while the offtake agreement between the two companies expired in early 2026.

NORWAY BEGINS PLANNING FOR FEN RARE EARTHS DEPOSIT:

The government aims to complete a zoning plan for Europe’s largest documented rare earths deposit by 2028.

Norway’s government has begun drafting a state zoning plan for the Fen rare earths deposit. It will determine what land would be needed for potential mining and processing, as well as for storing and using mining waste. The government aims to complete the plan by 2028 at the latest.

First, the Ministry of Trade, Industry and Fisheries will prepare a planning program setting out which potential effects on the environment and local communities must be assessed and how the public will be involved. A draft is to be released for consultation as early as possible in 2027.

According to the Geological Survey of Norway, the Fen deposit in Telemark is Europe’s largest documented rare earths deposit. Rare Earths Norway, a private Norwegian company, is developing the project. Nome municipality, where the deposit is located, asked the government in spring 2026 to take over the planning process because any development would require balancing local and national interests.

When Mining Could Begin Remains Unclear:

However, it remains unclear when mining at Fen could begin, as further permits would be required even if the zoning plan is completed by 2028. That also raises questions about whether a mine could contribute to the EU’s 2030 targets under the Critical Raw Materials Act.

Because Norway is not an EU member, extraction at Fen would not count towards the bloc’s domestic mining target. But it could help diversify the EU’s supply sources. The legislation also seeks to reduce dependence on individual supplier countries such as China. By 2030, no single non-EU country should account for more than 65% of the EU’s consumption of any strategic raw material.