Japan is the only other country besides China and Korea that produces magnets of high quality (higher in fact than the Chinese), they just don't do the volume. But there is absolutely no doubt that they could scale up if they wanted to.

They're just more expensive, but not even that much.

They manufacture the magnets, but they don't produce the rare earths themselves. They're still getting something like 60-70% of their supply from China.

India is looking to produce 6000 tonnes of NdFeB magnets per year with the first batch coming out in mid 2026. This is great news because India has large rare earth reserves and are producing using the full supply chain of ore to oxide to magnets. 6000 tonnes is like 3% of the global supply but that’s not bad for year one.