plate 041 · Power · 2025 data
China refines most of the minerals of the future
China's share of global refining for six critical minerals, 2025.
94%
of battery-grade graphite is refined in China, and the IEA sees it staying above 90% in 2035.
4 of 6 above 70%
Graphite, rare earths, cobalt and lithium are all mostly processed in one country.
Nickel is the exception
At 31%, nickel refining has shifted to Indonesia, the one big crack in China's lead.
the numbers
| China's share (%) | |
|---|---|
| Graphite (battery) | 94 |
| Rare earths | 84 |
| Cobalt | 76 |
| Lithium | 74 |
| Copper | 47 |
| Nickel | 31 |
source notes & method
Per-mineral shares as reported from the IEA outlook by the Bank of Finland (BOFIT) weekly review, Aug 2026; other outlets report figures within 1–4 points. Rare earths = magnet rare-earth separation. Shares and data year as given in IEA GCMO 2026.
Published 24 Oct 2026
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