MP Materials Stock Is Moving Higher: What's Going On?

MP Materials Corp MP shares are trading higher Wednesday. The stock appears to be getting a boost from reports that China put export restrictions on select rare earth metals.

What Happened: According to a Wall Street Journal report, China set export restrictions on gallium and germanium, which are two minerals that are used for semiconductor production, solar cells and missiles.

China also put restrictions on more than 35 other related metals and materials. The report indicates the restrictions will go into effect on Aug. 1. 

MP Materials produces specialty materials that are vital for advanced technologies. The company's Mountain Pass facility is the only scaled rare earth production source in the U.S. MP is currently expanding its manufacturing operations to provide a full supply chain solution from materials to magnetics.

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MP Price Action: MP has a 52-week high of $40.11 and a 52-week low of $20.21.

The stock was up 10.1% at $25.50 at the time of writing, according to Benzinga Pro.

Photo: PAVM from Pixabay.