Will China dictate the prices of the two very essential components – magnets and lithium by controlling their supplies ?

Not very likely, many companies are desperately trying to develop alternate material to reduce or eliminate the dependance on terbium or dysprosium by replacing them with lower cost and easily available rare earth elements, This new type of magnet is expected to be useful in expanding use of motors in various areas such as automobiles and robotics. The commercially viable alternate magnets may be available in the market in 3 to 4 years.