Supply Concentration (C)

Supply concentration looks at the share of global mine and refining output held by the top producing countries. It is rated on a five-point scale from those shares and converted to a 0–100 scale: a mineral mined across many countries sits low, while one where a single country controls most of the refining sits at the top, whatever the size of the market.

Concentration isn’t the same as scarcity: concentrated supply can still be plentiful. What it measures is exposure to a single decision or event, such as an export quota, a licensing regime or a disruption in one place.

C is part of the company scores: Supply leverage (SLS) is a company’s output share × SES × C, and CMCS is output share × SES × demand pressure × C. In the Terminal, you can also sort the Critical Minerals page by it. Read it alongside SES: a concentrated mineral whose supply responds quickly is less of a risk than one whose supply can’t.