US Key Mineral Stocks Fall on China Export Policy Update

Shares of US rare earth and key mineral producers declined in premarket trading after the White House clarified that China’s rollback of rare earth export curbs is more comprehensive than previously believed.

This announcement follows last week’s meeting between US President Trump and Chinese President Xi, which initially suggested only partial easing of restrictions.

White House Confirms Full Rollback

According to the White House fact sheet on the new US–China trade deal:

China will “issue general valid licenses” for many key minerals.
This effectively means removal of export controls imposed in April 2025 and October 2022.
Earlier reports had implied that some restrictions would remain, but the new clarification signals a broad rollback.

Market Reaction

Key US producers saw early declines as traders assessed the implications of increased Chinese supply:

MP Materials (MP) – down 2.86% to $62.16
Lithium Americas (LAC) – down 2.14% to $5.43
Critical Metals (CRML) – down 0.54% to $12.66
United States Antimony Corp (UAMY) – down 3.60%, trading near $7.25

Industry Context

The removal of these export controls could:

Ease global supply constraints for rare earths and battery minerals.
Pressure US producers’ margins in the near term due to lower prices.
Support longer-term supply chain diversification as companies continue to localize refining and processing.