What the EV Lens Hides in Umicore
The market prices Umicore as a bet on electric vehicles, and has marked it down as EV demand cooled. But that is not what the company mostly is. Umicore is one of the few Western companies that refines and recycles the scarce metals the energy transition depends on — a steady, cash-generating business the market treats as if it were fading. The real mistake is not the price. It is what the market thinks the company is.
The antimony repricing: How supply chain fragility became market reality
What appeared to be a supply shock was, in reality, a structural repricing. This piece explores how hidden constraints — from processing concentration to the disappearance of stockpiles — reshaped the antimony market and revealed a broader shift in critical minerals.
