China Has Broken the ‘Critical Minerals’ Market: Javier Blas

Billionaire Elon Musk called them the “new oil,” complaining about their “insane” cost. The White House dangled subsidies to whoever could boost supply. European politicians scrambled for a response, also promising financial support for projects. Only a few months ago, the prospect of shortages of elements including cobalt, lithium and a few other metals stoked apprehension as prices of the elements needed to make the batteries crucial for the energy transition climbed.

Not anymore. China has broken the market for these so-called critical minerals.

From their most recent peak in 2022-2023, prices of cobalt and lithium have plunged more than 75% after Chinese miners ...