market commentary

The Age of Resource Fragmentation:

Europe’s industrial future hinges on access to critical materials like cobalt and rare earths—but it is dangerously behind global rivals. While China has secured upstream assets and controls over 80% of refining capacity, and the U.S. is rapidly stockpiling under a national security strategy, Europe remains fragmented and exposed. As the global order shifts toward resource sovereignty, the continent risks becoming a passive consumer in a world of strategic producers. Without rapid investment in upstream assets, midstream capacity, and a coordinated European stockpiling mechanism, Europe’s green transition and industrial competitiveness may stall. This newsletter explores the structural gaps and outlines how Steencore is working to build resilient, geopolitically secure supply chains for the next decade.