Critical Minerals Markets: Pricing, Trade, and Market Structure

The market infrastructure for critical minerals remains far less developed than for base metals like copper and aluminium or precious metals like gold. While the London Metal Exchange has introduced lithium and cobalt contracts, most critical minerals still lack transparent, exchange-traded pricing. This creates challenges for producers, consumers, and investors alike, as price discovery depends on a patchwork of bilateral deals, price reporting agency assessments, and regional exchange benchmarks.

Trade flows for critical minerals are shaped by geography, geopolitics, and industrial policy. China's dominance in processing means that raw materials mined in Africa, Australia, and South America often flow through Chinese refineries before reaching end-use manufacturers in Asia, Europe, or North America. Understanding these flows, the customs classifications used to track them, and the commercial structures that govern transactions is essential for navigating the critical minerals landscape.

This section provides a comprehensive guide to the commercial and market dimensions of critical minerals. From pricing mechanisms and contract structures to supply-demand modeling, stockpiling strategies, and market transparency issues, these resources equip readers with the knowledge needed to analyze and participate in critical mineral markets effectively.