Japan Pushes G7 to Set Price Floors to Break China’s Rare Earth Grip

Japan Pushes G7 to Set Price Floors to Break China’s Rare Earth Grip

Japan has urged the Group of Seven (G7) nations to establish minimum price floors for rare earth production, aiming to counter China’s dominance over the global supply of these critical metals used in smartphones, electric cars, and military equipment. The proposal, made by Prime Minister Sanae Takaichi at the G7 Evian Summit in France on June 16, seeks to make domestic mining and processing profitable enough for G7 countries to reduce reliance on Chinese imports [178028].

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Rare earths are essential for high-tech manufacturing, and China currently controls most of the global supply chain. Japan warned that Beijing’s export limits threaten supply security [178028]. A price floor would guarantee a minimum price for rare earths, encouraging companies within G7 nations to invest in extraction and processing facilities. Without such a guarantee, experts say it remains too expensive to compete with China’s established market dominance [178028].

Japan has already begun retrieving rare-earth-rich mud from the seabed as part of its effort to diversify sources [178028]. The G7 has not yet reached a formal agreement on the plan, but discussions are ongoing. The move comes as China continues to expand its influence over strategic resources, including the diversion of shipping in Guinea to supply iron ore for China’s green steel production [177977].

Sources

Japan pushes G7 to set price floors to challenge China’s rare earth control #178028Guinea diverts ships from bauxite to iron ore for China’s green steel boom #177977

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