Critical mineral export restrictions increase supply chain risk
Report from OECD reveals a wider range of countries, particularly in Africa and Asia, introduced new measures.
In 2024, waste and scrap remained the most frequently restricted critical raw materials category, reflecting environmental concerns and interest in waste as a source of metals and minerals.
Restrictions on upstream supply chains, such as ores and minerals, are said to have increased tenfold from 2009 to 2024.
The OECD Inventory of Export Restrictions on Critical Raw Materials monitors export restrictions and analyses their impact on availability, prices and global supply chains.
The latest edition, through the end of 2024, shows export restrictions on critical raw materials have steadily increased in the past 15 years and reached an all-time high.
The growth rate of new export restrictions slowed from 3.4% in 2023 to 0.6% in 2024, but a wider range of countries, particularly in Africa and Asia, introduced new measures.
Essential minerals for energy systems, including cobalt, manganese, graphite and rare-earth elements, saw particularly high exposure to export restrictions. Roughly 70% of global cobalt and manganese exports were subject to at least one restriction between 2022 and 2024.
Over the same period, 16% of trade in critical raw materials also faced at least one export restriction.
The top three countries for cobalt, lithium and nickel account for over two-thirds of global production for each of this materials. For rare-earth elements, the top three countries supply 90%.
Over half of new export restrictions between 2009 and 2024 came from India (19%), China (17%), Argentina (6%), Vietnam (5%) and Burundi (4%).
The report also notes highly restrictive export prohibitions and quotas have become increasingly prevalent, comprising more than one-third of new measures in 2024. Revenue generation became the most cited reason for restrictions, accounting for nearly half of measures.
