Key takeaways 5

Executive summary 5

Introduction 11

Understanding critical raw materials and their markets 13

  Factors of criticality and their market implications 13

  Understanding trade in critical metals 16

The sources and levers of China’s power in critical metals 22

  Beijing’s broad policy priorities structure CRM trade 22

  China’s industry consolidation and control of the value chain 27

  Export controls: Leveraging chokepoints and information 30

Responding to supply chain disruptions: Lessons from Japan 35

Recommendations for the EU and the Netherlands 40