On the morning of the 6th, related stocks showed strength following news that the Chinese government is pushing to ban the export of rare earth magnet manufacturing technology.
As of 10:02 AM, Union Material is trading at 3,320 KRW, up 11.22% from the previous trading day. Its parent company, Union, is also up 18.36%, trading at 7,930 KRW.
Union Material is a company that produces "ferrite magnets," which are gaining attention as alternative materials to rare earth elements.
The previous day, Japan's Yomiuri Shimbun reported that the Chinese government is pushing to ban the export of manufacturing technology to control the supply chain of rare earth magnets needed for electric vehicles and wind power generation motors.
Rare earth magnets are key components that determine motor performance and are used in aircraft, robots, mobile phones, air conditioners, and weapons.
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