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.

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.

The scramble in recent weeks to secure export licences for rare earths shows China has devised a better, more precisely targeted weapon for trade war.