The little known metals giant that rules a global market
When China’s Vital Materials bought up a $600 million stockpile of critical minerals in early 2020, it barely raised an eyebrow outside the niche world of minor metals.
Outlook for demand deteriorated after the US Federal Reserve’s large rate hike fueled worries about recession and data from China indicated weak growth.
Blame it on rapidly worsening investor sentiment, with US stocks entering a bear market because of soaring inflation and higher interest rates that threaten to trigger a recession.