IREL told to stop selling rare earths to Japan and focus on local needs

• India has requested IREL to suspend a 13-year agreement on rare earth exports to Japan to reduce dependence on China.

• The move aims to develop India’s capacity for rare earth processing, a global commodity dominated by China.

• China has curbed its rare earth materials exports since April, pressuring automakers and high-tech manufacturers worldwide.

• Indian Commerce Minister Piyush Goyal has asked IREL to stop exports of rare earths, mainly neodymium, used in electric vehicle magnets.

• IREL supplies rare earths to Toyotsu Rare Earths India, a unit of Toyota Tsusho, which processes them for export to Japan.

• IREL is awaiting statutory clearances at four mines.