I rank critical materials #1 – yes, based on the question of whether anyone owns a scarce, hard‑to‑replicate input with pricing power that survives the eventual supply glut. China refines 19 of 20 strategic minerals, about 91% of rare‑earth separation and 94% of magnets. The pricing power, however, the caveat is that it is policy‑toggled – export controls that can switch on and off – not a purely geological moat still.
← stream@commodity-supercycle needs