Rare Earth Trade Report (October 2026)

In September 2026, President Trump and Chinese President Xi met as the United States and China extended their pause on certain trade actions through January 10, 2027. The extension maintains the suspension of China's expanded October 2025 rare earth export restrictions, but leaves its April 2025 export licensing requirements on minerals such as yttrium in place.

Silverado’s latest report primarily covers imports that entered the U.S. in the leadup to the meeting between President Trump and President Xi on September 23-25, 2026 (as most trade data lag by a month or more). Data covering the time period after the two sides met and discussed the issue will be available in late November 2026.

The report finds that China did export a significant quantity of yttrium oxide to the United States, though yttrium exports to the United States overall remain well below historical levels so far this year. However, the report also finds that China’s global exports of export-controlled rare earth compounds and metals in September 2026 remained well below historical levels. With respect to magnets, which are only partially covered by China’s April 2025 export controls, China’s exports have largely returned to pre-export-control levels and remained relatively high in September 2026. Additional detail is provided below.

Metals and Compounds

• China’s exports of yttrium oxide to the United States in September were at the second highest level since the implementation of export controls, but remained at the low end of pre-export control monthly levels.
• China’s exports of all covered rare earths to Japan remained minimal in September 2026, reflecting the additional export controls imposed on shipments to Japan in January.
• China’s exports of export-controlled rare earth compounds and metals to South Korea declined in September 2026, while the European Union became the largest global destination for China's exports albeit at levels lower than in most months prior to the implementation of export controls, however.

Magnets

• In September 2026, China’s exports of rare earth magnets to the United States reached about typical historical levels for the second time in three months.
• However, among major export destinations, only the United States received a smaller volume of rare earth magnets during January–September 2026 than during the same period in 2024.
• U.S. imports of sintered neodymium-iron-boron (NdFeB) magnets from all countries remained below 2024 levels by weight during January–August 2026, although increased imports from other countries, particularly Japan, partially offset declining imports from China.