Hyundai BNG Steel is showing strong performance. This is interpreted as being influenced by the news that its affiliate, Seongrim Advanced Industry, has received technology support related to rare earth permanent magnets from the Korea Institute of Materials Science, establishing a foundation for domestic production independence.
As of 9:43 AM on the 14th, Hyundai BNG Steel is trading at 12,940 KRW, up 5.2% compared to the previous day.
According to industry sources on the day, the Korea Institute of Materials Science is providing technology support to Seongrim Advanced Industry to localize rare earth magnets with reduced heavy rare earth content. Rare earth permanent magnets are key materials for electric vehicle drive motors, but since there has been no domestic production so far, almost all have been imported from China. Now, the path to localization has opened.
Earlier, on the 27th of last month, Seongrim Advanced Industry completed its Hyunpung plant in Daegu and began the first domestic production of neodymium permanent magnets. Seongrim Advanced Industry plans to produce 1,000 tons of neodymium permanent magnets annually going forward.
China is weaponizing various resources, including rare earth permanent magnets, amid US-China conflicts. In December last year, China expanded the scope of rare earth technology control by including rare earth magnet manufacturing technology in its export ban list.
Meanwhile, as of the end of the first half of this year, Hyundai BNG Steel holds a 16.65% stake in Seongrim Advanced Industry.
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