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Measuring the Level of Competition for Valuable Minerals

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Resource Monopolies: Measuring the Level of Competition for Valuable Minerals

Measuring Competition for Valuable Minerals

The Chart of the Week is a weekly Visual Capitalist feature on Fridays.

Everybody loves a little competition.

It levels the playing field and ensures prices and products are kept affordable and available. But how do you measure and track the competitiveness of specific sectors?

The Herfindahl-Hirschman Index (HHI) is a commonly accepted measurement of market concentration, and in today’s case, we use it to show which mineral sectors have healthy competition between countries, as well as the sectors that are more monopolistic.

What is the Herfindahl-Hirschman Index?

The HHI is calculated by squaring the market share of each competitor and then summing up the resulting numbers. It can range from zero to 10,000.

The closer a market is to a monopoly, the higher the market’s concentration, and the lower its competition. If there were only one company in an industry, that company would have a 100% share of the market, and the HHI would equal 10,000, demonstrating a monopoly.

Conversely, if there were thousands of firms competing, the HHI would be near zero, indicating almost perfect competition.

  • HHI below 1,500: a competitive marketplace
  • HHI between 1,500 – 2,500: a moderately concentrated marketplace
  • HHI of 2,500 or greater: a highly concentrated marketplace

Interestingly, the same technique is also used by the U.S. Department of Justice to look at market competition and potential anti-trust violators, as well.

Global Metal Production

Today’s chart uses data from the World Mining Congress to look at the competition for global minerals between countries. The HHI scores show the minerals most and least exposed to competition, while uncovering opportunities for countries looking to bolster their own mineral production.

Here are 33 minerals ranked, going from highest score (most monopolistic) to lowest (least monopolistic):

RankMineralHHI ScoreType of Mineral
#1Niobium (Nb2O5)8,413Iron and Ferro-Alloy Metals
#2REE (Rare Earth Elements)7,219Non-Ferrous Metals
#3Oil Sands6,871Mineral Fuels
#4Tungsten (W)6,828Iron and Ferro-Alloy Metals
#5Platinum (Pt)5,383Precious Metals
#6Graphite4,990Industrial Minerals
#7Asbestos3,738Industrial Minerals
#8Vanadium (V)3,573Iron and Ferro-Alloy Metals
#9Coking Coal3,423Mineral Fuels
#10Cobalt (Co)3,184Iron and Ferro-Alloy Metals
#11Palladium (Pd)3,163Precious Metals
#12Aluminum (Al)3,078Non-Ferrous Metals
#13Chromium (Cr2O3)2,942Iron and Ferro-Alloy Metals
#14Molybdenum (Mo)2,812Iron and Ferro-Alloy Metals
#15Boron (B)2,749Industrial Minerals
#16Lithium (Li2O)2,749Non-Ferrous Metals
#17Steam Coal2,639Mineral Fuels
#18Lead (Pb)2,505Non-Ferrous Metals
#19Uranium (U308)2,233Mineral Fuels
#20Tin (Sn)2,036Non-Ferrous Metals
#21Iron (Fe)2,015Iron and Ferro-Alloy Metals
#22Diamond1,904Gemstones
#23Zinc (Zn)1,687Non-Ferrous Metals
#24Manganese (Mn)1,627Iron and Ferro-Alloy Metals
#25Potash1,565Industrial Minerals
#26Copper (Cu)1,136Non-Ferrous Metals
#27Titanium (TIO2)1,120Iron and Ferro-Alloy Metals
#28Silver (Ag)1,015Precious Metals
#29Salt (NaCl)982Industrial Minerals
#30Nickel (Ni)949Iron and Ferro-Alloy Metals
#31Natural Gas884Mineral Fuels
#32Petroleum686Mineral Fuels
#33Gold (Au)557Precious Metals

The data here makes it clear that mineral production is not uniformly distributed throughout the world, giving some countries huge advantages while revealing potential supply problems down the road.

Renewables in the Spotlight

While commodities like gold and oil have robust levels of competition around the world, the renewable energy industry relies on more obscure raw materials to make solar, wind, and EVs work.

Rare earth elements (REE) rank #2 on the list with a HHI score of 7,219, while battery minerals such as graphite (#6), vanadium (#8), cobalt (#10), and lithium (#16) also appear high on the list as well.

According to a recent study, the production of rare earth elements is an area of particular concern. Used in everything from electric motors to wind turbines, rare earth demand will need to increase by twelve times by 2050 to reach emissions targets set by the Paris Agreement.

The only problem is that China currently controls 84% of global production, which increases the odds of bottlenecks and scarcity as demand rises. This ultimately creates an interesting scenario, where a sustainable future will be at the mercy of a few a producing nations.

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How Much Gold is in Fort Knox?

The United States Bullion Depository holds more than half of the Treasury’s $428B in gold reserves.

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In this graphic we compare Fort Knox’s gold reserves with central bank gold reserves worldwide.

How Much Gold Is in Fort Knox?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

U.S. President Donald Trump has promised to visit Fort Knox “to make sure the gold is there.”

Officially, the United States Bullion Depository (commonly known as Fort Knox) holds over half of the Treasury’s $428 billion gold reserves.

In this graphic, we put that amount into perspective by comparing Fort Knox’s reserves with central bank gold reserves worldwide. The data comes from the U.S. Mint and the World Gold Council. For illustrative purposes, we considered a pallet of 1,190 gold bars (400 troy ounces each) weighing approximately 14.8 tonnes.

What Is Fort Knox?

Located in Kentucky, Fort Knox is a U.S. Army installation that serves as the primary storage site for America’s gold reserves. The facility was established in the 1930s to protect gold from potential foreign attacks.

The first gold shipment arrived in 1937 via U.S. Mail from the Philadelphia Mint and the New York Assay Office. During World War II, Fort Knox safeguarded important U.S. documents, including the Declaration of Independence, the Constitution, and the Bill of Rights. It has also housed international treasures, such as the Magna Carta and the crown, sword, scepter, orb, and cape of St. Stephen, King of Hungary, before they were returned in 1978.

Currently, it holds 4,175 tonnes of gold, equivalent to nearly half of China’s gold reserves and four times the Swiss central bank’s reserves.

ReservesGold (Tonnes)
🇺🇸 U.S. Reserves8,133
🏛️ Fort Knox4,175
🇨🇳 China2,280
🇯🇵 Japan846
🇨🇭 Switzerland1,040
🇮🇳 India876
🇰🇷 South Korea104
🇸🇬 Singapore220
🇧🇷 Brazil130
🇲🇽 Mexico120
🇹🇭 Thailand235

Only small samples have been removed for purity testing during audits; no major transfers have occurred for years.

Gold Bar Specifications

  • Size: 7 inches × 3 5/8 inches × 1 3/4 inches
  • Weight: 400 ounces (27.5 pounds)

Extreme Security

Only a select few know the full security procedures, and no single person knows how to fully open the vault.

In 1974, a group of journalists and a Congressional delegation were allowed inside—marking the first official visit since Fort Knox’s creation. Previously, President Franklin D. Roosevelt was the only person other than authorized personnel to access the vaults.

In 2017, Treasury Secretary Steve Mnuchin, Kentucky Governor Matt Bevin, and several Congressional representatives became the second group to visit the vault.

Learn More on the Voronoi App 

If gold was shared equally, how much would you get? Check out this graphic to find out.

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Charted: Top Suppliers of Aluminum and Steel to the U.S.

President Trump has imposed a 25% tariff on all steel and aluminum imports.

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Charted: Top U.S. Suppliers of Aluminum and Steel

Charted: Top U.S. Suppliers of Aluminum and Steel

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

U.S. President Donald Trump has imposed a 25% tariff on all steel and aluminum imports, marking one of the most discussed measures of his first month back in the White House.

But which countries are most affected by these tariffs?

This map illustrates the top suppliers of aluminum and steel to the United States in 2024. The data comes from the U.S. Census Bureau. Aluminum includes unwrought aluminum, plates, sheets, and strips; bars, rods, and profiles; foil; wire; pipes and tubes; castings and forgings; and tube or pipe fittings. 

Canada: The Largest Partner

Canada is by far the top supplier of both steel and aluminum to the United States. The neighboring country exported $9.4 billion worth of aluminum to the U.S. in 2024, significantly ahead of the second-largest exporter, the European Union, which exported $1.5 billion.

Canada also exported $7.1 billion worth of steel last year, compared to $7 billion from the European Union.

CountrySteel Imports (USD)Aluminum Imports (USD)
🇨🇦 Canada$7.1B$9.4B
🇲🇽 Mexico$3.5B$397M
🇧🇷 Brazil$3.0B-
🇨🇳 China$799M$809M
🇹🇼 Taiwan$1.3B-
🇰🇷 South Korea$2.9B$781M
🇩🇪 Germany$1.9B$318M
🇯🇵 Japan$1.7B-
🇮🇳 India$489M$445M
🇪🇺 European Union$7B$1.5B
🇦🇪 UAE-$917M
🇧🇭 Bahrain-$535M
🇦🇷 Argentina-$468M
🇹🇭 Thailand-$271M
🇬🇧 UK$440M-

Mexico, South Korea, and Brazil are also among the top suppliers of steel to the United States. Meanwhile, the country imports aluminum from other key partners, including China, the United Arab Emirates, South Korea, Bahrain, and Argentina.

A recent report by the Center for Strategic and International Studies (CSIS) noted that the U.S. produces less than 2% of the world’s primary aluminum.

Learn More on the Voronoi App 

If you enjoyed this graphic, be sure to check out this chart illustrating the GDP impact of Trump’s tariffs on China.

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