New Delhi, Nov. 24 -- The import of permanent magnets, primarily sourced from China, more than halved in the first six months of the financial year 2026 due to Beijing's export restrictions and Indian automakers beginning to permanently shift away from heavy rare earths.

Imports of finished and unfinished permanent magnets, which are largely made of rare-earth metals, fell to 16,281 tonnes during the April to September period, registering a 56% drop from a year earlier, according to the ministry of commerce data.

That's the steepest fall in a six-month period in the last seven years. In the financial year 2025, the inbound shipments of such magnets grew 83% to nearly 53,000 tonnes.

Still, 88% of all permanent magnet imports came from C...