Skip to Content Skip to Menu Skip to Footer

These reports are being released to start a dialogue process with producers, processors, consumers, investors, policymakers, and other market participants. Our goal is to foster constructive discussion, improve the quality of the analysis, and continue building a more transparent understanding of these strategically important markets.

S&P Global is pleased to publish five draft market reports that examine critical mineral supply chains that play an essential role in defense, semiconductors, energy transition technologies, manufacturing, aviation, and other strategic industries. The reports provide an independent view of market fundamentals, supply chain bottlenecks, costs, and opportunities to strengthen supply resilience and transparency outside concentrated sources of supply and production.

Markets for these critical minerals are often characterized by limited transparency, fragmented data, and rapidly evolving geopolitical dynamics. In order to improve transparency and provide market participants with a consistent framework for understanding future supply, demand, costs and investment requirements,  S&P Global has developed a bottom-up, asset-level understanding of these supply chains through extensive research, industry engagement, company analysis, and proprietary market intelligence.

These five reports—covering Tungsten, NdPr, Antimony, Gallium, and Germanium—are part of ongoing research from S&P Global to provide greater transparency and understanding across critical mineral markets, with future reports expanding coverage to additional minerals.

S&P Global would like to acknowledge and thank Rovjok and Project Blue for their feedback and contribution.