Seoul: South Korea's industry ministry announced that it will thoroughly respond to China's implementation of export controls on key rare earth elements to ensure a stable supply chain.
According to Yonhap News Agency, Beijing recently declared its decision to impose export controls on seven rare earth elements, including gadolinium and yttrium. This move is seen as a countermeasure to the United States' reciprocal tariff imposition. Although China has not banned the export of these elements, it has intensified the controls on them.
The South Korean industry ministry emphasized that while the country currently maintains stable reserves of these elements, it will collaborate with the private sector to prevent any future supply shortages. The ministry's proactive stance aims to mitigate potential disruptions and secure a consistent supply of these critical materials.