China / US / EU · Materials

Gallium, Germanium & Antimony

Small markets with outsized importance: gallium for GaN and InP, germanium for optics, antimony for defence. China has restricted exports.

By-product→Refining→Wafer / alloy→Device

Tightness score ⓘ

#9 of 56

▲ Tightening

Supply concentration5

Lead time4

Capex intensity3

Geopolitical exposure5

Pricing power4

Lead time

24–48 mo

Theme 1M

−22.6%

% in uptrend

Metric to watch

China export-control announcements, gallium/germanium prices, and Western recovery projects.

What would prove us wrong

Weakens if Western by-product recovery scales fast enough to erase price premia.

Dependencies

Equal-weight · rebased 100 · 1Y

Stocks we track

Who controls this bottleneck

Roles, not recommendations. Delayed prices; local currency.

Stock	Role	Listing	Last	1D	1M	3M	YTD	Off 52w high	Next earnings
UAMY United States Antimony	US antimony processing	NYSE American US	$2.98	−5.70%	−27.9%	−47.4%	−40.6%	−76.4%	2026-11-16
PPTA Perpetua Resources	Domestic antimony project	NASDAQ US	$16.65	−7.81%	−20.4%	−12.7%	−31.2%	−55.3%	2026-11-12
5713.T Sumitomo Metal Mining	Battery materials and refining	TSE Japan	¥8,131.0	−4.61%	−18.0%	+11.6%	+31.6%	−35.9%	2026-11-10
UMI.BR Umicore	Germanium and specialty materials	Euronext Belgium	€17.62	−5.12%	−14.3%	−21.4%	+1.0%	−33.5%	—
AXTI AXT Inc	InP and GaAs substrates	NASDAQ US/China	$55.06	−9.56%	−32.7%	−19.8%	+236.8%	−60.9%	2026-10-29

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