It's not a supply problem, it's a demand problem
After panicking about rare earths, graphite, gallium and gadolinium, geopolitics pundits are busy brushing up on antimony, the latest critical mineral to fall subject to Chinese export controls. But to ascribe every tweak to Chinese industrial policy as a salvo in an ongoing trade war with the West is to misunderstand Beijing's actual priorities.
China did not become the world's factory by controlling critical minerals; rather, it developed critical mineral supply chains in order to feed its factories. Western solipsismAt first glance, the Chinese government's decision to restrict antimony exports looks like a case of mineral diplomacy, hitting out at Western economies by starving them of a critical metal. But on closer examination, the theory falls apart.
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