Beyond the headline battery metals, critical shifts are occurring in the "foundation" minerals. Titan Mining has secured the first-ever financing from the US EXIM Bank's "Make More in America" initiative for a domestic graphite feasibility study, marking a major policy pivot toward securing non-Chinese anode material. Simultaneously, the global manganese market is consolidating as logistical bottlenecks in Gabon and South Africa restrict supply to China. We analyze how these policy and logistical constraints are reshaping the trade flows for essential battery inputs.
While lithium and nickel dominate the headlines, the "forgotten" battery minerals—graphite and manganese—are undergoing significant structural shifts driven by government policy and logistical constraints.
In a landmark development for North American supply chain security, Titan Mining closed a deal with the Export-Import Bank of the United States (EXIM) to finance the feasibility study of its Kilbourne Graphite Project. This is the first time EXIM’s "Make More in America" initiative has supported a feasibility-stage critical minerals project. It signals a decisive shift in Washington’s risk appetite; the government is no longer waiting for mines to be built but is now actively de-risking the development phase. With China dominating global graphite processing, this move is a clear attempt to nurture a domestic anode supply chain from scratch, validating the strategic premium placed on ex-China assets.
Conversely, the manganese market is being defined by old-economy logistics rather than new-economy policy. China’s imports of manganese ore dropped over 13% month-on-month in November. The decline was not driven by a lack of geological supply, but by severe infrastructure bottlenecks in major producing nations. Rail transport limitations in Gabon forced the Moanda mine to throttle shipments, while South African exports faced similar port and rail friction.
These supply disruptions have created a floor for manganese prices, despite tepid demand from the steel and alloy sectors. Traders are holding firm on offers, anticipating that these logistical knots will keep the market tight through Q1 2026. The divergence is notable: northern Chinese alloy plants are buying actively in anticipation of production restarts, while southern plants remain cautious.
The convergence of these trends paints a picture of a market moving away from pure free-market economics. In graphite, US policy is subsidizing entry; in manganese, infrastructure failure is artificially constraining exit. For investors and procurement managers, the lesson is that "availability" is no longer just about geological reserves—it is increasingly about political backing and logistical reliability.
Sentiment: Bullish (Domestic Graphite) / Stable-to-Bullish (Manganese)
Reasoning: The EXIM financing is a strong buy signal for the US graphite sector, as it suggests a pipeline of further government capital support is unlocking. For manganese, prices will likely remain supported by the physical constraints in Africa. Even if demand remains flat, the inability to move ore efficiently to ports provides a sturdy price floor for the coming weeks.