Carbon here means the anode side of the battery — natural and synthetic graphite — plus the coke that still underwrites global steel. Graphite supply and processing is overwhelmingly China-dominated, which makes it the quiet leverage point in the whole electrification story. We cover the chokepoint honestly.
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The anode gets none of the glamour and most of the leverage. China dominates natural flake, synthetic graphite and — crucially — the processing in between. Building a Western anode supply chain is harder than building a mine.
Global Mining & Metals · JULY 31, 2026