China views its rare earths as a national security issue, not a trade one, and that’s why Beijing is unlikely to loosen controls any time soon, experts say.

China has signalled for more than 15 years that it was looking to weaponise areas of the global supply chain, a strategy modelled on longstanding American export controls Beijing views as aimed at stalling its rise.

Beijing has approved more export licenses for the critical minerals and magnets in recent days, but supplies remain scarce and factories in the West are running out.