Why it matters
- China supplies around 60 percent of the world and restricted exports alongside gallium.
- Every fiber-optic network and thermal imaging system depends on it.
- Prices almost tripled outside China after the export controls.
Used in
Fiber opticsNight visionSatellite solar cellsThermal cameras
Supply
By-product of zinc refining and some coal ash. China, Russia, Canada, and Belgium.
Demand
Fiber optics, infrared optics, satellite solar cells, and polymerization catalysts.
Role in the portfolio
Defense and telecom allocation with policy-driven price moves.
Scorecard
Scarcity75
Industrial demand75
Supply concentration85
Liquidity20
Team view, not market data.