China's Ministry of Commerce in early April imposed export restrictions on several rare earth elements and magnets widely used in the automotive, defense and energy sectors. Some of the affected rare earth elements are vital components to the production of both combustion engines and electric vehicles.

Shares of Australia's Lynas Rare Earths climbed on Thursday to their highest point in more than two years, after global automakers warned that China's export restrictions on rare-earth materials could lead to production delays.

The United States allowed its rare earth metals industry to move to China and could now face severe economic disruption as China limits crucial supplies.