Europe is 98% dependent on China for permanent magnets.

Omissions

• The claim conflates two things: the ~98% figure applies to EU rare-earth MAGNET demand being met by Chinese imports (Commission wording) and to EU supply of rare earth ELEMENTS more broadly; it is a measure of import dependence, not of China owning literally all global refining capacity.
• China's share of global rare earth magnet production/refining is very high (around 90%+), but not 100% — the speaker's phrase 'tutte le raffinerie mondiali' (all the world's refineries) overstates the concentration.
• The 98% figure is a long-standing Commission/industry estimate repeated since at least 2021 (EIT Raw Materials report) and still cited in European Parliament research published in November 2025.

Sources

• PrimaryEuropean Commission — Rare earth elements, permanent magnets, and motors (DG GROW)Of its total rare earth magnet demand, 98% is met by Chinese imports.
• SecondaryEuropean Parliamentary Research Service (EP Think Tank) — China's rare-earth export restrictionsthe EU ... obtains ... 98 % of its rare-earth magnets from China
• SecondaryEIT Raw Materials — Rare Earth Magnets and Motors: A European Call for Action16,000 tonnes of rare earth permanent magnets are exported from China to Europe each year, representing approximately 98% of the EU market