Defense companies want more time to comply with the upcoming ban on using Chinese samarium cobalt magnets and neodymium iron boron magnets in defense contracts starting Jan. 1, the Financial Times reported Monday, citing four people familiar with the matter.

Several US metals executives said the administration was unlikely to view the lobbying effort favorably, according to the report.

The ban on China-sourced magnets, as well as the metals tungsten and tantalum, was introduced by Congress during President Donald Trump's first term in 2018, the report added.

A spokesperson for the US Department of Defense did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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