来源：市场资讯 （来源：矿业俱乐部） 镉0#28600-29600元/吨0铬99A81100-84600元/吨0碲741-751元/千克 0 铼28100-32600 元/千克0 锑0#锑锭171100-174100元/吨100002#高铋163100-166100元/吨10000镁99.9%上 海17005-17105元/吨 0 铌≥99.9%665-675元/千克0钒≥99.5%1461-1561元/千克0电解锰广西 13400-13600元/吨 0金属锂≥99%575100-610100元/吨0金属砷6705-7205 元/吨0海绵钛≥97-98%45-46元/千克0海绵锆≥99% 166-171元/千克0 1631-1681元/吨碳酸稀土44305-44705元/吨红土镍矿 1.8%（FOB） 72-75美元/湿吨 非金属报价 产品名称 矿产品报价品名规格产地涨跌铜精矿18-20%74012-77769元/金属吨铅精矿50%河南16650-16800元/金属 吨云南16750-16900元/金属吨锌精矿50%云南 18604-18704元/金属吨 湖南18554-18654元/金属吨钼精矿45%367 ...

消息面上，据上海有色网报道，近日，俄铝宣布将于2026年1月1日停止伊尔库茨克克里姆尼硅厂 (Kremniy)的运营，此举突显了俄罗斯工业基地日益增长的压力。该工厂将被闲置，因为需求已经枯 竭，进口硅现在削弱了国内价格，海外产量仍在攀升。俄铝表示，已向地区当局通报了停产情况，并希 望在应对相关社会影响方面得到支持。其第二家硅工厂，乌拉尔硅厂，将继续运营，但负荷有所降低。 俄铝(00486)盘中涨超8%，截至发稿，涨8.14%，报4.65港元，成交额801.02万港元。 ...

消息面上，据上海有色网报道，近日，俄铝宣布将于2026年1月1日停止伊尔库茨克克里姆尼硅厂 (Kremniy)的运营，此举突显了俄罗斯工业基地日益增长的压力。该工厂将被闲置，因为需求已经枯 竭，进口硅现在削弱了国内价格，海外产量仍在攀升。俄铝表示，已向地区当局通报了停产情况，并希 望在应对相关社会影响方面得到支持。其第二家硅工厂，乌拉尔硅厂，将继续运营，但负荷有所降低。 智通财经APP获悉，俄铝(00486)盘中涨超8%，截至发稿，涨8.14%，报4.65港元，成交额801.02万港 元。 ...

Core Viewpoint - Barclays believes that the AI investment boom is triggering a global supercycle in commodities, presenting significant opportunities for investors [3][5]. Group 1: Capital Expenditure and Commodity Demand - Barclays estimates that capital expenditure by cloud service providers will exceed $2.5 trillion over the next five years, with copper demand being the most prominent [5][6]. - The report highlights that the demand for specific minerals and rare earth elements will surge due to ongoing upgrades in AI infrastructure [3][5]. - The International Energy Agency (IEA) projects that $500-600 billion in new investments will be needed for copper, lithium, nickel, and cobalt over the next 15 years, with copper accounting for half of this demand [7][8]. Group 2: Beneficiary Countries - Mining-exporting countries like Chile, Peru, and the Democratic Republic of Congo are positioned to benefit significantly from this investment cycle [10][9]. - Australia, Indonesia, and Brazil are also expected to see substantial gains from the export of other minerals and rare earth elements [11]. - Despite global mineral extraction being widespread, China dominates the refining sector, processing nearly 50% of global refined minerals, indicating a sustained tight trade relationship with the world [11]. Group 3: Historical Insights and Trade Conditions - Historical commodity boom periods, particularly those led by China from 2002-2007 and 2010-2014, show that fixed capital formation in commodity-exporting countries significantly contributes to GDP growth [13][15]. - The current supercycle is characterized by a decoupling of copper prices from oil prices, which traditionally have been correlated [20][24]. - This decoupling creates favorable trade conditions for countries that are net oil importers but major exporters of key minerals, enhancing their currencies' strength [24][28].

在能源转型与全球碳中和目标持续推进的背景下，硅、锂、铂钯等材料作为新能源发 电、新能源汽车、新一代信息技术、高端装备制造等战略性新兴产业的基石，是我国把握新 发展机遇、构建新发展格局、实现高质量发展的关键所在。为深入贯彻落实国家"双碳"战略 部署，进一步推动新质生产力在新能源、新材料产业的深度融合与协同创新，助力构建绿色 现代化产业体系，中国有色金属工业协会定于 12 月 11 日 -12 日 在 广东省广州市 召开 2025 中国新能源·新材料产业大会 。 会议主题 创新驱动·融合发展——构建新能源材料产业新生态 时间地点 报到时间：2025年12月11日 会议时间：2025年12月11-12日 会议地点：广东 · 广州南沙国际会展中心 会议酒店： 南沙岭南东方酒店 主办单位 中国有色金属工业协会 特邀协办 南沙期金产业园投资有限公司 协办单位 中信期货有限公司 华泰期货有限公司 广发期货有限公司 支持单位 中国 有色金属工业 协会硅业分会 中国有色金属工业协会锂业分会 中国有色金属工业协会铂族金属分 会 中国有色金属工业协会镍钴分会 北京安泰科信息科技股份有限公司 初 承办单位 2025年12月11日【会 ...

巴克莱认为AI投资狂潮正在催生一场全球大宗商品的超级周期，对投资者而言意味着重大机遇。 追风交易台消息，11月19日，巴克莱研究部发表研报，随着AI基础设施建设的持续升级，对特定矿产和稀土元素的需求将急剧攀升，这将为矿产出口国 带来多年投资周期的红利。 研报强调在所有受AI驱动的大宗商品中，铜的需求最为突出。智利、秘鲁、刚果（金）和澳大利亚等矿业出口国将迎来多年的投资繁荣，对应主权货币 汇率有望走强。 国也将从AI投资潮中受益） （左图：铜矿商将受益最多，右图：矿业出口 巴克莱指出，目前铜价上涨与油价疲软并存的罕见现象，对于那些进口石油但出口金属的国家（如智利、秘鲁）来说是巨大的贸易条件重大利好，为其货 币提供了额外支撑。 AI投资推动商品需求爆发式增长 AI基础设施建设的速度决定了技术进步的步伐，而这一建设过程严重依赖特定矿产和稀土元素，使大宗商品日益成为焦点。 研报估计，仅超大规模云服务商在未来五年的资本支出就将超过2.5万亿美元。分析认为这一数字甚至可能被低估，因为估算数据通常是滞后指标，且不 包括非超大规模企业和私营公司。 能源、电力、电气基础设施、冷却和散热管理、半导体和硬件投入，以及数据中心建筑材 ...

Group 1 - The report from CITIC Securities highlights rising concerns over high asset risks as commodity prices, such as copper, reach historical highs, while attention shifts to underperforming assets like crude oil, coal, and electrolytic aluminum [1] - It is expected that the copper-aluminum ratio returning to anticipated levels will support aluminum prices at high levels, with seasonal demand and policy disruptions influencing the market [1] - The report forecasts that by Q4 2025, thermal coal prices may continue to recover, while coking coal prices are expected to decline due to weakening demand [1] Group 2 - In terms of copper and cobalt, supply disruptions in September have pushed copper prices to historical highs, while reduced export quotas for cobalt from the Democratic Republic of Congo have driven cobalt prices upward [1] - The supply-side disruptions are anticipated to remain a key factor influencing commodity prices through Q4 2025, with expectations for continued price increases for copper and cobalt [1] - The demand for lithium is expected to rise significantly due to a surge in energy storage battery shipments, transitioning the industry from oversupply to a phase of temporary shortage, with prices likely to continue rising into Q4 2025 [1] Group 3 - Silicon products, which saw significant price increases in Q3 due to expectations of anti-involution policies, are also projected to experience slight price increases in Q4 [1]

Core Viewpoint - The report from CITIC Securities indicates that supply disruptions in copper mines in September have driven copper prices to historical highs, while a significant reduction in cobalt export quotas from the Democratic Republic of the Congo in October is pushing cobalt prices upward. The supply-side disruptions are expected to continue influencing commodity prices into Q4 2025, with copper and cobalt prices likely to maintain an upward trend [1] Group 1: Copper and Cobalt Market - September saw increased supply disruptions in copper mining, leading to a surge in copper prices to historical highs [1] - The reduction in cobalt export quotas from the Democratic Republic of the Congo in October is contributing to rising cobalt prices [1] - Supply-side disruptions are anticipated to remain a key factor affecting commodity prices, particularly for copper and cobalt, into Q4 2025 [1] Group 2: Lithium and Silicon Products - The demand for lithium is expected to rise due to a significant increase in energy storage battery shipments, transitioning the industry from oversupply to a phase of temporary shortage [1] - Lithium prices are projected to continue increasing in Q4 2025 as a result of this heightened demand [1] - Silicon products, which experienced substantial price increases in Q3 due to expectations surrounding anti-competitive policies, are also expected to see slight price increases in Q4 [1]

Report Industry Investment Ratings - **Bullish**: Copper, Carbonate Lithium [1] - **Bearish**: Aluminum Oxide, Glass, Asphalt [1] - **Neutral (Oscillating)**: Stock Index, Treasury Bonds, Precious Metals, Silver, Electrolytic Aluminum, Zinc, Stainless Steel, Tin, Silicon, Polysilicon, Rebar, Hot Rolled Coil, Iron Ore, Manganese Silicon, Coke, Coking Coal, Palm Oil, Soybean Oil, Rapeseed Oil, Cotton, Sugar, Corn, Bean Meal, Pulp, Logs, Live Pigs, Fuel Oil, Natural Rubber, BR Rubber, PTA, Ethylene Glycol, Short Fiber, Styrene, Urea, PF, PVC, High - Concentration Alkali [1] - **Wait - and - See**: Crude Oil, LPG, Container Shipping to Europe [1] Core Views - In the short term, the stock index is expected to oscillate strongly, and attention should be paid to the Sino - US leaders' meeting during the APEC meeting in South Korea at the end of the month. The asset shortage and weak economy are beneficial to bond futures, but the central bank's short - term interest rate risk warning suppresses the upward space [1]. - Market risk appetite recovery may suppress precious metals, but factors such as the continued US government shutdown and the expected interest rate cut by the Fed in October will support the gold price, so the gold price is expected to enter an oscillating trend [1]. - Global trade frictions are repeated, copper prices fluctuate more, and with the continuous fermentation of copper mine supply disturbances and the improvement of macro - liquidity at home and abroad, copper prices are expected to run strongly [1]. - The fundamentals of electrolytic aluminum are mixed, and the price is expected to oscillate. The domestic alumina production capacity continues to be released, and the fundamentals are weak, putting pressure on the spot price [1]. - The US government shutdown continues, increasing macro - risks. Although the Sino - US trade situation has eased, there are still subsequent disturbances. The short - term opening of the export window has supported the domestic zinc price [1]. - The Sino - US trade friction has slightly eased, and attention should be paid to the statements and negotiation progress of both sides. The expectation of the Fed's interest rate cut at the end of the month remains high. The new RKAB policy in Indonesia has been implemented, and attention should be paid to the quota approval in 2026 in the fourth quarter [1]. - The short - term substantial impact of Indonesia's ban on ore exports is not large, but the supply risk of tin ore is expected to be strong, and the demand is supported by the AI trend, so it is recommended to pay attention to the opportunity of buying on dips in the medium - to - long term [1]. - The traditional peak season for new energy vehicles is approaching, and the energy storage demand is strong. Although the supply production has increased, the overall demand is large, so the price of carbonate lithium is bullish [1]. - The industrial drivers of rebar and hot - rolled coil are not clear, and the valuation is low, so it is not recommended to participate in directional trading. The near - month iron ore is restricted by production cuts, but the commodity sentiment is good, and there is still an upward opportunity for the far - month [1]. - The direct demand for manganese silicon is good, but the supply is high, the inventory is at a high level, and the price is under pressure to oscillate. The short - term production profit of ferrosilicon is not good, the cost support is strengthening, the direct demand is good, and there are macro - level benefits [1]. - The supply and demand of glass are supported, and in the short term, sentiment is the main factor. The downward space of the price is limited, and the price fluctuation is strengthening. Soda ash follows glass, with a large supply surplus pressure and the price under pressure [1]. - The news that Indonesia will regulate (reduce) exports to meet the raw material demand for B50 next year has a bullish support for the far - month palm oil contracts. The high inventory in Malaysia in September and high exports in October are intertwined, and the near - month lacks new drivers for the time being [1]. - The Sino - US trade dispute is repeated. The selling pressure of US soybeans restricts the US soybean price, which brings pressure to the domestic soybean oil price from the cost side. However, the expectation of soybean oil inventory reduction also supports the market [1]. - The Canadian foreign minister's visit to China is expected to negotiate on the anti - dumping of Canadian rapeseed, which may bring bearish speculation. The domestic rapeseed is still in short supply, and the rapeseed oil inventory is continuously decreasing from a high level [1]. - The expansion of Xinjiang's cotton spinning capacity and the decrease in spinning profits lead to great uncertainty in the cotton demand in the new year. The current futures price has fully priced in the selling pressure of new crops, and the downward space is limited, but the new crop basis and futures price may continue to be under pressure [1]. - Typhoons around the National Day have an adverse impact on the sugarcane harvest and output in South China. There is a seasonal upward momentum for sugar prices in the short term, but the rebound space is limited after the new sugar is launched [1]. - The uncertainty of Sino - US trade policy and the abundant domestic soybean meal supply bring a pessimistic market expectation, but the current poor profitability of domestic soybean purchases may affect the purchase progress, so it is not advisable to be overly bearish on the single - side [1]. - The trading logic of pulp lies in the trading of old warehouse receipts of the November contract. With weak downstream demand, the futures price is under great pressure [1]. - The spot price of logs is firm, and it is not cost - effective to short after the futures price drops sharply, so it is recommended to wait and see [1]. - The spot price of live pigs has stabilized, but it is necessary to wait for changes in the slaughter volume and weight. The futures price is still at a premium to the spot price, and the short - term trend is uncertain [1]. - OPEC+ continues to increase production, the geopolitical situation cools down, the demand enters the off - season, and the US attitude towards tariffs on China softens, so the prices of crude oil and fuel oil are expected to be bearish or oscillate [1]. - The short - term supply - demand contradiction of asphalt is not prominent, following crude oil. The demand for the 14th Five - Year Plan for construction rush is likely to be falsified, and the supply of Ma Rui crude oil is sufficient [1]. - US tariffs affect the demand for natural rubber, the weather in the producing areas is gradually normal, the supply is expected to increase, and the overall atmosphere in the commodity market is weak [1]. - OPEC+ continues to increase production, but the fundamentals of butadiene are tight. The supply of synthetic rubber is abundant, the downstream trading is weakening, and attention should be paid to inventory reduction [1]. - The fundamentals and sentiment of PTA are declining, the PXN has significantly rebounded, and the domestic PTA production has decreased due to unit inspections [1]. - The port inventory of ethylene glycol in East China is still low, the overseas import is expected to decline, and the domestic unit commissioning is putting pressure on the price. After the National Day, the peak season for polyester is coming to an end [1]. - The short - fiber plants are gradually resuming production, the willingness to deliver warehouse receipts has weakened, and the short - fiber price continues to fluctuate closely with the cost [1]. - The price of benzene in Asia is still weak, the operating rates of STDP and reforming units have decreased, the arbitrage window from Northeast Asia to the US is still closed, and the future inventory of styrene is expected to accumulate further [1]. - The export sentiment of urea has eased, the domestic demand is insufficient, and there is support from anti - involution policies and the cost side [1]. - The price center of the crude oil market has slightly declined, the maintenance intensity has weakened, the downstream demand is slowly increasing, and the price of PF is oscillating strongly [1]. - The support of maintenance for some products is limited, the downstream improvement is less than expected, and the futures price returns to the fundamentals and oscillates weakly [1]. - The PVC futures price returns to the fundamentals, the maintenance has decreased compared with the previous period, the supply pressure is large, and there are many near - month warehouse receipts, so the futures price oscillates weakly [1]. - Many alumina projects in Guangxi are planned to be put into production, the subsequent maintenance concentration is decreasing, the digestion of warehouse receipts is not smooth, and the price of high - concentration alkali is inverted [1]. - OPEC's production increase, the weakening of international CP/FEI prices, and the tight domestic butane fundamentals drive the valuation repair of PG prices [1]. - The price of container shipping to Europe has fallen to a relatively low level, and there is a possibility of a low - level rebound. It is gradually entering the contract - changing rhythm, and the freight rate is close to the full - cost line, so it is expected to stop falling and stabilize [1] Summaries by Catalog Macro - Finance - **Stock Index**: Expected to oscillate strongly in the short term, pay attention to the Sino - US leaders' meeting during the APEC meeting in South Korea at the end of the month and the repeated tariff policies [1] - **Treasury Bonds**: Asset shortage and weak economy are beneficial to bond futures, but the central bank's short - term interest rate risk warning suppresses the upward space [1] - **Precious Metals**: Market risk appetite recovery may suppress precious metals, but factors such as the continued US government shutdown and the expected interest rate cut by the Fed in October will support the gold price, so it is expected to enter an oscillating trend [1] Non - Ferrous Metals - **Copper**: Global trade frictions are repeated, copper prices fluctuate more, and with the continuous fermentation of copper mine supply disturbances and the improvement of macro - liquidity at home and abroad, copper prices are expected to run strongly [1] - **Electrolytic Aluminum**: The fundamentals are mixed, and the price is expected to oscillate [1] - **Aluminum Oxide**: The domestic production capacity continues to be released, and the fundamentals are weak, putting pressure on the spot price [1] - **Zinc**: The US government shutdown continues, increasing macro - risks. Although the Sino - US trade situation has eased, there are still subsequent disturbances. The short - term opening of the export window has supported the domestic zinc price [1] - **Stainless Steel**: The Sino - US trade friction has slightly eased, and attention should be paid to the statements and negotiation progress of both sides. The expectation of the Fed's interest rate cut at the end of the month remains high. The new RKAB policy in Indonesia has been implemented, and attention should be paid to the quota approval in 2026 in the fourth quarter [1] - **Tin**: The short - term substantial impact of Indonesia's ban on ore exports is not large, but the supply risk of tin ore is expected to be strong, and the demand is supported by the AI trend, so it is recommended to pay attention to the opportunity of buying on dips in the medium - to - long term [1] - **Silicon**: Northwest production capacity is continuously resuming, Southwest start - up is weaker than in previous years, and the impact of the dry season is weakened. Polysilicon production in October has increased more than expected, and the demand for organic silicon is weak [1] - **Polysilicon**: There is an expectation of production capacity reduction in the medium - to - long term. In October, the supply increases while the demand decreases, and the anti - involution policy has not been implemented for a long time, so the market sentiment has subsided [1] - **Carbonate Lithium**: The traditional peak season for new energy vehicles is approaching, and the energy storage demand is strong. Although the supply production has increased, the overall demand is large, so it is bullish [1] Ferrous Metals - **Rebar and Hot - Rolled Coil**: The industrial drivers are not clear, and the valuation is low, so it is not recommended to participate in directional trading [1] - **Iron Ore**: The near - month is restricted by production cuts, but the commodity sentiment is good, and there is still an upward opportunity for the far - month [1] - **Manganese Silicon**: The direct demand is good, but the supply is high, the inventory is at a high level, and the price is under pressure to oscillate [1] - **Ferrosilicon**: The short - term production profit is not good, the cost support is strengthening, the direct demand is good, and there are macro - level benefits [1] - **Glass**: The supply and demand are supported, and in the short term, sentiment is the main factor. The downward space of the price is limited, and the price fluctuation is strengthening [1] - **Soda Ash**: Follows glass, with a large supply surplus pressure and the price under pressure [1] - **Coking Coal and Coke**: After the price rebounded to fill the gap before the holiday, it reached a relatively high level. It may challenge the previous highs again, but the difficulty of breakthrough is large. It depends on whether there are new statements about "anti - involution" in the domestic important meeting communique this week [1] Agricultural Products - **Palm Oil**: The news that Indonesia will regulate (reduce) exports to meet the raw material demand for B50 next year has a bullish support for the far - month contracts. The high inventory in Malaysia in September and high exports in October are intertwined, and the near - month lacks new drivers for the time being [1] - **Soybean Oil**: The Sino - US trade dispute is repeated. The selling pressure of US soybeans restricts the US soybean price, which brings pressure to the domestic soybean oil price from the cost side. However, the expectation of soybean oil inventory reduction also supports the market [1] - **Rapeseed Oil**: The Canadian foreign minister's visit to China is expected to negotiate on the anti - dumping of Canadian rapeseed, which may bring bearish speculation. The domestic rapeseed is still in short supply, and the rapeseed oil inventory is continuously decreasing from a high level [1] - **Cotton**: The expansion of Xinjiang's cotton spinning capacity and the decrease in spinning profits lead to great uncertainty in the cotton demand in the new year. The current futures price has fully priced in the selling pressure of new crops, and the downward space is limited, but the new crop basis and futures price may continue to be under pressure [1] - **Sugar**: Typhoons around the National Day have an adverse impact on the sugarcane harvest and output in South China. There is a seasonal upward momentum for sugar prices in the short term, but the rebound space is limited after the new sugar is launched [1] - **Corn**: The market is concerned about the selling pressure of the spot in the producing areas after the end of October. However, the acquisition attitude towards high - quality corn in Northeast China is positive, and the downward space of the C01 contract is expected to be limited [1] - **Bean Meal**: The uncertainty of Sino - US trade policy and the abundant domestic soybean meal supply bring a pessimistic market expectation, but the current poor profitability of domestic soybean purchases may affect the purchase progress, so it is not advisable to be overly bearish on the single - side [1] - **Pulp**: The trading logic lies in the trading of old warehouse receipts of the November contract. With weak downstream demand, the futures price is under great pressure [1] - **Logs**: The spot price is firm, and it is not cost - effective to short after the futures price drops sharply, so it is recommended to wait and see [1] - **Live Pigs**: The spot price has stabilized, but it is necessary to wait for changes in the slaughter volume and weight. The futures price is still at a premium to the spot price, and the short - term trend is uncertain [1] Energy and Chemicals - **Crude Oil and Fuel Oil**: OPEC+ continues to increase production, the geopolitical situation cools down, the demand enters the off - season, and the US attitude towards tariffs on China softens, so the prices are expected to be bearish or oscillate [1] - **Asphalt**: The short - term supply - demand contradiction is not prominent, following crude oil. The demand for the 14th Five - Year Plan for construction rush is likely to be falsified, and the supply of Ma Rui crude oil is sufficient [1] - **Natural Rubber**: US tariffs affect the demand, the weather in the producing areas is gradually normal, the supply is expected to increase, and the overall atmosphere in the commodity market is weak [1] - **BR Rubber**: OPEC+ continues to increase production, but the fundamentals of butadiene are tight. The supply of synthetic rubber is abundant, the downstream trading is weakening, and attention should be paid to inventory reduction [1] - **PTA**: The fundamentals and sentiment are declining, the PXN has significantly rebounded, and the domestic PTA production has decreased due to unit inspections [1] - **Ethylene Glycol**: The port inventory in East China is still low, the overseas import is expected to decline, and the domestic unit commissioning is putting pressure on the price. After the National Day, the peak season for polyester is coming to an end [1] - **Short Fiber**: The plants are gradually resuming production, the willingness to deliver warehouse receipts has weakened, and the price continues to fluctuate closely with the cost [1] - **Styrene**: The price of benzene in Asia is still weak, the operating rates of STDP and reforming units have decreased, the arbitrage window from Northeast Asia to the US is still closed, and the future inventory is expected to accumulate further [1] - **Urea**: The export sentiment has eased, the domestic demand is insufficient, and there is support from anti - involution policies and the cost side [1] - **PF**: The price center of the crude oil market has slightly declined, the maintenance intensity has weakened, the downstream demand is slowly increasing, and the price oscillates strongly [1] - **PVC**: The futures price returns to the fundamentals, the maintenance has decreased compared with the previous period, the supply pressure is large, and there are many near - month warehouse receipts, so it oscillates weakly [1] - **High - Concentration Alkali**: Many alumina

Core Insights - South Korea exhibits significant import dependency in key materials for high-tech strategic industries, particularly with China [1][2] - Diversifying supply chains has become an urgent issue for South Korea due to this dependency [1] Group 1: Dependency on China in Key Materials - In the secondary battery sector, South Korea's reliance on China for key materials is stark, with natural and artificial graphite dependency rates at 97.6% and 98.8% respectively [1] - The dependency for precursor materials and nickel hydroxide in cathodes is also high, reaching 94.1% and 96.4% [1] - The import dependency for core components in the robotics industry has increased from 77.7% in 2021 to 80.3% in 2023 [1] Group 2: Rare Metals and Semiconductor Materials - Out of 31 rare metals managed by the South Korean government, 20 are reliant on imports from China as of 2024 [2] - Dependency rates for core semiconductor materials are significant, with niobium and silicon at 78% and 63% respectively, and lithium for cathodes at 65% [2] - Other critical materials such as gallium (98%), graphite (97%), indium (93%), and magnesium (84%) also show high import ratios from China [2]