Substantial capacity in competitive NdFeB magnet manufacturing is very unlikely to be displaced from China any time soon. China is undoubtedly the world champion in this space. Perhaps some will appear in SE Asia, but that will be driven by cost. The important thing is for their customers, or customer's customers, to remain outside China, in order for ARU to succeed.
China frictions steer electric automakers away from rare earth magnets, page-95
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