Beijing completes its space station and we benchmark the US-China space race – while the Fed keeps hiking, Maersk adds to recession fears, the Black Sea grain deal falters, and Canada orders Chinese lithium companies to divest. Plus: an OPEC for battery minerals?
US critical mineral capacity remains critically inadequate, China buys up Indonesia’s cobalt, and what are the prospects for made in USA uranium? Plus, US GDP grows, but pain under the surface, tech players crumble, and manufacturing stalls.
The US is at least 50 percent import dependent for 26 out of the 32 minerals that the 2022 US Geological Survey publishes data on, or 81.25 percent. Of those, China is the top source of US imports for 11, or 42.3 percent. Gallium underscores how severe this dynamic is.
The UK government is now demonstrating that it is ready to move, and in lockstep with allies, in setting out the steps to maximize what the UK produces across the value chain and to reduce strategic dependence on China.
Accelerated production of copper, and other critical minerals, is necessary to make clean energy options economically viable. Otherwise, the gap between supply and demand will fuel further price increases on all critical minerals – which will make the energy transition more expensive and less competitive.
In a new era of shortage, adjustments are being made: Food nationalism rears its head in India, while in critical minerals automakers look to platinum over palladium; meanwhile, the US fails to incentivize greater oil and gas production while China scoops up Russia's at bargain basement prices
It's shortage everywhere: In agriculture, wheat is the latest victim, threatening tomorrow's food supply while a baby formula shortage wreaks havoc today; meanwhile, China eyes the aluminum vacuum and a South Korea x Canada collab tries to shore up tungsten dependencies.
Indonesia works to climb the nickel value chain while Mexico nationalizes its lithium reserves; fertilizer shortage injects new, cross-cutting threats into the global food market; and nuclear energy comes back into favor -- but how to source the uranium?
The Biden Administration's SPR release fails to address supply gaps -- but invocation of the Defense Production Act for critical minerals maybe does; Canada's abundant resource supply pushes it to the big stage in a new geopolitical environment