The following submission statement was provided by /u/future168life:

If this substance is mass-produced, it will impact the dominance of mainland China, the largest supplier of rare earths with 80% of the global market. In addition to being used in smartphones, electric vehicles, nuclear magnetic resonance machines, etc., rare earths can also be used in military fields such as fighter planes and missiles, and have considerable strategic value. According to data previously published by the Chinese Academy of Sciences, Tetrataenite consists of 50% iron and 50% nickel, with iron and nickel atoms arranged alternately in a regular periodic crystal structure. It produces a hard magnet, that is, the direction of magnetization does not change easily, and its magnetic properties are close to that of rare-earth magnets. With the rapid development of industries such as electric vehicles, the global demand for rare earths has been increasing in recent years. U.S. President Joe Biden has previously expressed support for increasing rare earth production, and the European Union also sees diversification of rare earth supply chains.

Please reply to OP's comment here: https://old.reddit.com/r/Futurology/comments/yilbyf/british_and_austrian_scientists_have_developed/iuj8v23/