Business
China has found Trump’s pain point – rare earths
Osmond ChiaBusiness reporter
ReutersLast week, China’s Ministry of Commerce published a document that went by the name of “announcement No. 62 of 2025”.
But this wasn’t just any bureaucratic missive. It has rocked the fragile tariffs truce with the US.
The announcement detailed sweeping new curbs on its rare earth exports, in a move that tightens Beijing’s grip on the global supply of the critical minerals – and reminded Donald Trump just how much leverage China holds in the trade war.
China has a near-monopoly in the processing of rare earths – crucial for the production of everything from smartphones to fighter jets.
Under the new rules, foreign companies now need the Chinese government’s approval to export products that contain even a tiny amount of rare earths and must declare their intended use.
In response, US President Donald Trump threatened to impose an additional 100% tariff on Chinese goods and put export controls on key software.
“This is China versus the world. They have pointed a bazooka at the supply chains and the industrial base of the entire free world, and we’re not going to have it,” said US Treasury Secretary Scott Bessent.
On Thursday, China said the US had “deliberately provoked unnecessary misunderstanding and panic” over the rare earths restrictions.
“Provided the export licence applications are compliant and intended for civilian use, they will be approved,” a commerce ministry spokesperson added.
This week, the world’s two biggest economies also imposed new port fees on each other’s ships.
The flare-up in the trade war brings to an end months of relative calm after top US and Chinese officials brokered a truce in May.
Later this month, Trump and China’s President Xi Jinping are expected to meet and experts have told the BBC the rare earths restrictions will give China the upper hand.
China’s new controls are bound to “shock the system” as they target vulnerabilities in American supply chains, said international business lecturer Naoise McDonagh from Australia’s Edith Cowan University.
“The timing has really upset the kind of timeline for negotiations that the Americans wanted,” he added.
Getty ImagesRare earth minerals are essential for the production of a whole range of technology such as solar panels, electric cars and military equipment.
For example, a single F-35 fighter jet is estimated to need more than 400kg (881.8lb) of rare earths for its stealth coatings, motors, radars and other components.
China’s rare earth exports also account for around 70% of the world’s supply of metals used for magnets in electric vehicle motors, said Natasha Jha Bhaskar from advisory firm the Newland Global Group.
Beijing has worked hard to gain its dominance of the global rare earth processing capacity, said critical minerals researcher Marina Zhang from the University of Technology Sydney.
The country has nurtured a vast talent pool in the field, while its research and development network is years ahead of its competitors, she added.
While the US and other countries are investing heavily to develop alternatives to China for supplies of rare earths, they are still some way from achieving that goal.
With its own large deposits of rare earths, Australia has been tipped as a potential challenger to China. But its production infrastructure is still underdeveloped, making processing relatively expensive, Ms Zhang said.
“Even if the US and all its allies make processing rare earths a national project, I would say that it will take at least five years to catch up with China.”
The new restrictions expand measures Beijing announced in April that caused a global supply crunch, before a series of deals with Europe and the US eased the shortages.
The latest official figures from China show that exports of the critical minerals were down in September by more than 30% compared to a year ago.
But analysts say China’s economy is unlikely to be hurt by the drop in exports.
Rare earths make up a very small part of China’s $18.7tn a year economy, said Prof Sophia Kalantzakos from New York University.
Some estimates put the value of the exports at less than 0.1% of China’s annual gross domestic product (GDP).
While rare earths’ economic value to China may be tiny their strategic value “is huge”, she said, as they give Beijing more leverage in talks with the US.
Despite accusing China of “betrayal”, Bessent has left the door open to negotiations.
“I believe China is open to discussion and I am optimistic this can be de-escalated,” he said.
During a meeting with the US private equity group Blackstone’s chief executive Stephen Schwarzman on Thursday, China’s Foreign Minister Wang Yi also highlighted the need for talks.
“The two sides should engage in effective communication, properly resolve differences and promote stable, healthy and sustainable development of China-US relations,” Wang said, according to the ministry’s website.
What China has done recently is “getting its ducks in a row” ahead of those trade talks with the US, said Prof Kalantzakos.
In curbing rare earth exports, Beijing has found its “best immediate lever” to pressure Washington for a favourable deal, Ms Bhaskar said.
Getty ImagesJiao Yang from Singapore Management University believes that although Beijing holds the cards in the short-run, Washington does have some strategic options at its disposal.
The US could offer to lower tariffs, which is likely to be attractive to Beijing as the trade war has hit its manufacturers hard, said Prof Jiao said.
China’s economy is reliant on the income from the goods it makes and exports. The latest official figures show its exports to the US were down by 27% compared to a year ago.
Washington can also threaten to hit China with more trade restrictions to hamper efforts to develop its technology sector, said Prof McDonagh.
For example, the White House has already targeted China’s need for high-end semiconductors by blocking its purchases of Nvidia’s most advanced chips.
But experts say that is likely to have only limited effects.
Measures targeting Beijing’s tech industry may slow China but won’t “stop it dead in the water,” said Prof McDonagh.
China has shown with its recent economic strategy that it is willing to take some pain to achieve its long-term goals, he added.
“China can carry on even if it costs a lot more under US export controls.
“But if China cuts off these rare earth supplies, that can actually stop everyone’s industry. That’s the big difference.”
Last Updated:
Bharat Coking Coal IPO, a Coal India subsidiary, lists on BSE and NSE January 19, 2026, with a strong GMP.
Bharat Coking Coal IPO: Listing Price Prediction. Shares to be listed tomorrow, January 19, 2026.
Bharat Coking Coal IPO Listing Price Prediction, GMP: The allotment of the Bharat Coking Coal IPO was concluded on January 14, 2026. Now, investors are eyeing the listing of the shares on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), which is likely to take place on Monday, January 19, 2026.
The investors who have been allotted the unlisted shares of the Bharat Coking Coal IPO might be checking the grey market premium regularly.
The IPO was open for public subscription between January 9 and January 13. It received a massive overall subscription of 143.85 times subscription. Its retail category received 49.37x subscription, its non-institutional investor (NII) category received 240.49 times subscription, and its qualified institutional buyer (QIB) portion got 310.81 times bidding.
Bharat Coking Coal IPO Listing Date
The shares of Bharat Coking Coal Ltd (BCCL), a subsidiary of Coal India Ltd (CIL), will be listed on both the BSE and the NSE on January 19, Monday.
Bharat Coking Coal IPO Listing Price Prediction, GMP Today
According to market observers, unlisted shares of Bharat Coking Coal Ltd are currently trading at Rs 35.4 apiece in the grey market, which is a 53.91 per cent premium over the IPO price of Rs 23. It indicates a strong listing gains for investors. Its listing will take place on Monday, January 19.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Bharat Coking Coal IPO Allotment Status
The Bharat Coking Coal IPO allotment has already been finalised.
The allotment status can be checked online by following these steps:
Via Official Registrar
1) Visit registrar Kfin Technologies’ portal – https://ipostatus.kfintech.com/.
2) Under ‘Select Company’, select ‘Bharat Coking Coal Limited’ from the drop-box.
3) Enter your application number, demat account, or permanent account number (PAN).
5) Then, click on the ‘Submit’ button.
Your share application status will appear on your screen.
Via the BSE
1) Go to the official BSE website via the URL — https://www.bseindia.com/investors/appli_check.aspx.
2) Under ‘Issue Type’, select ‘Equity’.
3) Under ‘Issue Name’, select ‘Bharat Coking Coal Limited’ in the drop box.
4) Enter your application number, or the Permanent Account Number (PAN). Those who want to check their allotment status via PAN can select the ‘Permanent Account Number’ option.
5) Then, click on the ‘I am not a robot’ to verify yourself and hit the ‘Search’ option.
Your share application status will appear on your screen.
Via NSE’s Website
The allotment status can also be checked on the NSE’s website at https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids.
Bharat Coking Coal IPO: More Details
According to the red herring prospectus (RHP), the maiden public issue is entirely an offer for sale (OFS) of 46.57 crore equity shares by Coal India.
The listing of BCCL is part of the government’s broader divestment push in the coal sector, aimed at unlocking value in Coal India’s subsidiaries and enhancing transparency through market discipline.
In its prospectus, the company stated that the IPO will help achieve the benefits of listing.
BCCL will make its stock market debut on January 16. The company said that half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Last year, Central Mine Planning and Design Institute Ltd (CMPDIL), another wholly-owned arm of Coal India, had also filed its draft papers with Sebi for an IPO via the OFS route.
While BCCL is a coal-producing entity, CMPDIL serves as Coal India’s technical and planning arm.
Bharat Coking Coal was the largest coking coal producer in India in fiscal 2025, according to a Crisil report. It produces various grades of coking coal, non-coking coal and washed coals for applications primarily in the steel and power industries.
The company was incorporated in 1972 to mine and supply coking coal concentrated in mines located at Jharia, Jharkhand and Raniganj, West Bengal coalfields.
The public sector firm has expanded operations significantly over the years, with coal production increasing from 30.51 million tonnes in fiscal 2022 to 40.50 million tonnes in fiscal 2025, which is an increase of 33 per cent. Its coal production stood at 15.75 million tonnes in the six months ended September 30, 2025, as compared to 19.09 million tonnes in the year-ago period.
The company operates a network of 34 operational mines, including 4 underground mines, 26 opencast mines, and 4 mixed mines as of September 30, 2025.
On the financial front, Bharat Coking Coal’s revenues from operations stood at Rs 13,802 crore and profit of Rs 1,204 crore in FY25.
BCCL’s issue comes against the backdrop of a blockbuster year for the primary market.
In 2025, companies raised a record nearly Rs 1.76 lakh crore through IPOs, buoyed by strong domestic liquidity, resilient investor sentiment and a supportive macroeconomic environment. This surpassed the Rs 1.6 lakh crore mobilised by 90 firms in 2024 and the Rs 49,436 crore raised by 57 companies in 2023.
Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.
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January 18, 2026, 09:31 IST
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EW DELHI: The Directorate General of Civil Aviation (DGCA) has slapped IndiGo with the steepest fine ever for an Indian carrier – Rs 22.2 crore – for its massive flight disruptions last month.Additionally, the airline has to submit a bank guarantee of Rs 50 crore whose release is tied to implementing, among other things, the more humane flight duty norms for pilots aimed to enhancing flight safety. The regulator has warned senior airline officials, including the CEO & COO. The senior VP of operation control centre has to be removed from his position.
The senior VP of operation control centre has to be removed from his position and not given any accountable position in the future. The aviation ministry has ordered “an internal inquiry to identify and implement systemic improvements within DGCA”.The regulator late on Saturday night released key findings of the report by its four-member panel that probed IndiGo schedule collapse last month. The airline’s unpreparedness and consequent inability to implement DGCA’s new flight duty time limitation (FDTL) for pilots has cost it dear. Each day’s exemption given for its Airbus A320 family pilots to ensure the airline was able to start resuming flights staring the second week of Dec is costing it Rs 30 lakh. This works out to Rs 20.4 crore for 68 days between Dec 5, 2025, & Feb 10, 2026.The airline has been fined one-time Rs 30 lakh each on six more counts, which add up the fine to Rs 22.2 crore. The six failures include failure to comply with new FDTL rules, rest periods, “inadequate buffer margins in roster planning… failure to strike balance between commercial imperatives and crew members’ ability to work effectively and failure of accountable management to ensure overall functioning, financing, and conduct of operations to DGCA standards.“Between Dec 3 and 5, 2,507 IndiGo flights were cancelled and 1,852 were delayed that left over 3 lakh passengers stranded at airports across the airline’s network. Flights had resumed gradually over the next week or so.What caused the crisis:“Over-optimisation of operations, inadequate regulatory preparedness along with deficiencies in system software support and shortcomings in management structure & operational control on the IndiGo”, have been identified as the “primary causes for the disruption” by the DGCA probe panel. “The airline’s management failed to adequately identify planning deficiencies, maintain sufficient operational buffer, and effectively implement the revised FDTL provisions,” the report says.Action against IndiGo:Apart from fines, the airline’s CEO has been cautioned “for inadequate overall oversight of flight ops and crisis management.” Accountable manager & COO, Isidre Porqueras, has been warned for “failure to assess impact of winter schedule 2025 and revised FDTL leading to widespread disruptions.” Senior VP (ops control centre) has been asked to be relieved from the post and not be given any accountable position in future. Warnings have been issued to flight ops and crew resource planning “for operational, supervisory, manpower planning and roster management lapses.”Way ahead:DGCA has asked IndiGo to take appropriate action against any other personnel identified through its inquiry and submit a compliance report regarding the same. Sources say IndiGo has been made aware of the lapses of its senior officials, especially COO, and now the airline is expected to take action against them. “The findings underscore the need for operational planning, and effective management oversight to ensure sustainable operations and passenger safety & convenience,” report says.IndiGo statement:Confirming receipt of DGCA ruling, airline said it is “committed to taking full cognisance of the orders and will, in a thoughtful and timely manner, take appropriate measures… an in-depth review of the robustness and resilience of the internal processes at IndiGo (is) underway to ensure that the airline emerges stronger out of these events in its otherwise pristine record of 19 plus years of operations”.
MUMBAI: The Sir Ratan Tata Trust (SRTT) cancelled its Saturday board meeting, which was expected to consider the induction of chairman Noel Tata’s son, Neville Tata, as a trustee. In contrast, board meetings of Sir Dorabji Tata Trust (SDTT) and Tata Education and Development Trust (TEDT) proceeded as scheduled.The cancellation suggests that Neville’s appointment may have been pushed back to give trustees more time for discussions – since appointing a trustee requires unanimous approval. No new date for the SRTT meeting has been notified. An email query to Tata Trusts on the cancellation of the board meeting received no response. Sir Ratan Tata Trust (SRTT), Sir Dorabji Tata Trust (SDTT), and Tata Education and Development Trust (TEDT) have several trustees in common. Except for Jehangir HC Jehangir and Jimmy Tata, the other SRTT trustees — Noel, Venu Srinivasan, Vijay Singh and Darius Khambata — also serve on SDTT’s board and participated in its meeting on Saturday, people familiar with the matter said. Jimmy, Noel’s older half-brother, usually does not attend SRTT meetings.Saturday’s development comes amid unresolved issues from the last round of inductions in Nov 2025 when the inductions of Neville and former Titan MD Bhaskar Bhat were approved by SDTT but failed to secure approval at SRTT. SDTT, together with SRTT, controls India’s largest conglomerate, the Tata Group.At the Nov 11, 2025 SDTT meeting, Khambata proposed Neville’s appointment, while Noel proposed Bhat, as TOI reported in its Nov 12 edition. Neither name was on the formal board agenda. All trustees of SDTT approved the appointments (Srinivasan did not attend the meeting as his term had expired). Later, at SRTT’s meeting on the same day, both proposals were put off for consideration at a later date.Srinivasan, who participated in the SRTT meeting, reportedly expressed reservations, stating that these proposals were not on the agenda and that such matters should not be raised under “any other items for discussion.” While items not listed on the agenda can be introduced with the chairman’s permission, Srinivasan suggested they be considered at the next board meeting, according to a person familiar with the discussion.This time, Neville’s appointment was formally listed on the SRTT agenda but the meeting was cancelled. Bhat’s name did not appear on Saturday’s agenda. Neville participated at the SDTT meeting on Saturday, marking his first formal role at the flagship foundation.
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