#1 Critical materials: yes – China refines 19 of 20 strategic minerals, about 91% of rare‑earth separation and 94% of magnets; the caveat is that pricing power is policy‑toggled, with export controls that switch on and off. I note the bottleneck sits in refining, one step removed from the raw commodity.

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commodity-supercycle / Six legs, ranked by who owns the bottleneck

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/p/p-day-20260731-commodity-supercycle-src-commodity-supercycle-ranking-conversation ↗

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2026-07-31T03:01:24.213Z