Strategic Commodity Consulting for Real Assets
Asset Protection with Substance,
Structure and Long-Term Perspective
Strategic metals are essential raw materials for industry, technology, energy supply and modern infrastructure. From aerospace and the automotive sector to electronics, medical technology, defence, mechanical engineering and energy systems, they form the material foundation of numerous future-oriented technologies.
Their special properties, such as high temperature resistance, corrosion resistance, hardness, electrical conductivity and chemical stability, make them difficult to replace in many industrial applications. At the same time, mining, processing and refining are often concentrated in only a few countries or regions. As a result, strategic metals are becoming increasingly important not only economically, but also geopolitically.
As tangible asset investments, strategic metals can provide an interesting complement to precious metals and traditional commodity investments. Demand is influenced by long-term developments such as electric mobility, the energy transition, digitalisation, automation, medical technology, defence technology and the expansion of critical infrastructure. At the same time, these markets are subject to price cycles, industrial demand, supply-chain risks and geopolitical intervention.
An investment in metals such as chromium, cobalt, molybdenum, tantalum, tellurium, bismuth, tungsten and zirconium gives investors access to physical raw materials with industrial and technological relevance. They can complement a diversified tangible asset portfolio, but should be professionally assessed with regard to quality, storage, tradability, pricing and supply chain.
Chromium
| Melting Point: |
1907°C |
| Density: | 7,1 g/cm3 |
| Colour: | Metallic silver |
| Boiling Point: |
2672°C |
| Annual Global Production: |
15 Mio. tonnes |
| Crust Abundance: |
0,019 ppm |
Chromium is a silver-coloured transition metal with the chemical symbol Cr and atomic number 24. It was discovered in 1797 by the French chemist Louis-Nicolas Vauquelin. Its name is derived from the wide variety of coloured compounds it forms, from the Greek word “chroma”, meaning colour.
Chromium is known for its hardness, corrosion resistance and high melting point. Its most important industrial role lies in steel and stainless-steel production, where it provides corrosion resistance, strength and durability.
Steel and stainless-steel production: Chromium is an essential alloying element in stainless steel. It improves corrosion resistance, hardness and the durability of steel products.
Surface finishing: In electroplating, chromium is used for decorative and protective coatings, giving metal surfaces shine, hardness and resistance.
Chemicals and pigments: Chromium compounds are used in paints, coatings, plastics and industrial chemicals. Certain chromium compounds, however, are subject to strict regulatory requirements because of environmental and health risks.
Chromium is mainly extracted from chromite. South Africa is the world’s leading producer of chromite ore, while other important producing countries include Kazakhstan, Turkey and India. Global demand for chromium is strongly driven by the stainless-steel industry. According to the USGS, global chromite ore mine production in 2025 was estimated to have increased by around three percent compared with 2024. (pubs.usgs.gov)
Chromium’s market dynamics are therefore closely linked to the steel industry, construction, mechanical engineering, infrastructure investment and global industrial production.
Industrial base demand: Chromium’s strong connection to stainless-steel production makes it an important industrial metal with broad applications.
Strategic importance: Chromium is difficult to replace in many metallurgical processes and remains relevant for industry, construction and mechanical engineering.
Portfolio addition: As an industrial metal, chromium can complement traditional precious metals, although it is more dependent on economic cycles.
Chromium is particularly suitable for investors who want exposure to industrial raw materials with long-term relevance for steel, infrastructure and production.
Cobalt
Spezifications:
| Melting Point: | 1495 °C |
| Density: | 8,9 g/cm3 |
| Colour: | Blue-grey metallic |
| Boiling Point: |
2927 °C |
| Annual Global Production: |
57 500 tonnes |
| Crust Abundance: |
37 ppm |
Cobalt is a hard, silver-coloured transition metal with the chemical symbol Co and atomic number 27. It was discovered in 1735 by the Swedish chemist Georg Brandt. The name is derived from the German word “Kobold”, as early miners considered certain cobalt ores problematic because of toxic fumes and difficult processing.
Today, cobalt is one of the most strategically monitored raw materials because it plays an important role in both high-performance alloys and selected battery technologies.
Superalloys: Cobalt is used in high-performance alloys that must withstand extreme temperatures and stress. This is particularly important in aircraft turbines, gas turbines, aerospace applications and specialised industries.
Battery technology: Cobalt is used in certain lithium-ion batteries as part of cathode materials. It can improve energy density, stability and battery life. At the same time, some battery technologies are seeking to reduce cobalt content or use cobalt-free alternatives.
Catalysts and chemicals: In the chemical industry, cobalt is used in catalysts and specialised processes, including synthetic fuels, chemical intermediates and industrial applications.
Cobalt rarely occurs in pure form and is mainly mined as a by-product of copper and nickel production. The Democratic Republic of the Congo is by far the most important cobalt producer. According to current USGS data, the Democratic Republic of the Congo accounted for an estimated 73 percent of global mined cobalt production in 2025. At the same time, China is a dominant player in cobalt refining. (Mining Engineering Magazine)
Market dynamics are influenced by battery demand, electric mobility, aerospace, nickel and copper production, geopolitical risks, ESG requirements and technological substitution.
Technological relevance: Cobalt remains an important raw material for selected battery chemistries, superalloys and specialised applications.
Supply-chain risk: The strong concentration of mining and processing increases the strategic importance of the metal.
Diversification: Cobalt can complement a commodity portfolio with exposure to battery, aerospace and high-technology applications.
Cobalt offers opportunities, but also involves higher risks. These include price volatility, political risk, ESG concerns, technological substitution and dependence on a limited number of supply chains.
Molybdenum
Spezifications:
| Melting Point: |
2623°C |
| Density: | 10,28 g/cm3 |
| Colour: | Metallic grey |
| Boiling Point: |
4639°C |
| Annual Global Production: |
200 000 tonnes |
| Crust Abundance: |
14 ppm |
Molybdenum is a silver-grey transition metal with the chemical symbol Mo and atomic number 42. It was discovered in 1781 by the Swedish chemist Peter Jacob Hjelm. Molybdenum has a high melting point, strong high-temperature performance and remarkable corrosion resistance.
Its main importance lies in the steel and alloy industry, where it makes materials more resistant, harder and more heat-resistant.
Molybdenum is produced both from primary mines and as a by-product of copper mining. The most important producing countries are China, Chile, the United States, Peru and Mexico. According to the USGS, these five countries accounted for around 90 percent of global production in 2025. Global production was estimated to have increased by around two percent in 2025 compared with 2024. (pubs.usgs.gov)
Demand is strongly influenced by the steel industry, the energy sector, chemicals and mechanical engineering. Molybdenum also moved further into focus in 2025 after China introduced export controls for selected critical metals and products, including certain molybdenum products.
Broad industrial use: Molybdenum is deeply embedded in steel, energy, mechanical engineering, chemicals and high-temperature applications.
Strategic importance: The combination of industrial relevance and concentrated production makes molybdenum an important technology metal.
Portfolio addition: Molybdenum can expand a commodity portfolio with an industry-driven and cyclical metal.
Molybdenum is suitable for investors who want exposure to industrial modernisation, infrastructure, energy systems and high-quality alloys.
Tantalum
| Melting Point: | 3017°C |
| Density: | 16,68 g/cm3 |
| Colour: |
Glossy grey |
| Boiling Point: |
5458°C |
| Annual Global Production: |
1 160 tonnes |
| Crust Abundance: |
8 ppm |
Tantalum is a rare, graphite-grey transition metal with the chemical symbol Ta and atomic number 73. It was discovered in 1802 by the Swedish chemist Anders Gustaf Ekeberg. Its name refers to Tantalus from Greek mythology and reflects the metal’s exceptional chemical resistance.
Tantalum is known for its very high melting point, strong corrosion resistance and good electrical properties. These characteristics make it particularly suitable for demanding high-tech applications.
Electronics: Tantalum is mainly used in capacitors with high capacitance and small size. These are important for smartphones, computers, automotive electronics, medical technology, industrial electronics and aerospace applications.
Medical technology: Due to its biocompatibility and corrosion resistance, tantalum is used in implants, bone replacement materials and surgical applications.
Chemical industry and high-performance applications: Tantalum is used in corrosion-resistant equipment, heat exchangers, pumps and reactors, especially in chemically aggressive environments.
Tantalum is mainly extracted from tantalite and related minerals. The supply chain is complex because tantalum often occurs together with niobium, tin and tungsten. Important supply regions are located in Central Africa, East Africa, Brazil, Australia and other producing countries.
The USGS notes that recycling from electronics, cemented carbide and superalloy scrap can play a role. For the United States, tantalum ores and concentrates imported between 2021 and 2024 came mainly from Australia, Mozambique and the Democratic Republic of the Congo. (pubs.usgs.gov) At the same time, recent market developments show that political instability and conflict in Central Africa can significantly affect the tantalum market. Reuters reported in 2025 that tantalite prices rose sharply as a result of unrest in the Democratic Republic of the Congo.
Appeal for Investors
High-tech relevance: Tantalum is relevant for compact electronics, medical technology, aerospace and specialised chemical equipment.
Supply-chain sensitivity: Dependence on certain producing regions and ESG-related issues increase the strategic nature of the metal.
Diversification: Tantalum can add a specialised technology metal with high industrial importance to a portfolio.
Tantalum offers long-term opportunities, but requires particular attention to origin, traceability, certification and trading partners.
Tellurium
| Melting Point: | 449,5°C |
| Density: | 6,25 g/cm3 |
| Colour: |
Silver white |
| Boiling Point: |
989,8°C |
| Annual Global Production: |
180 tonnes |
| Crust Abundance: |
0,001 ppm |
Tellurium is a silvery-white metalloid with the chemical symbol Te and atomic number 52. It was discovered in 1782 by Austrian chemist Franz Joseph Müller von Reichenstein. Its name is derived from the Latin word “tellus”, meaning Earth.
Tellurium is rare, brittle and valued mainly for its special electronic, thermoelectric and alloying properties.
Photovoltaics: Tellurium is used in the form of cadmium telluride for thin-film solar cells. This technology plays an important role in the solar sector, particularly in selected industrial photovoltaic applications.
Thermoelectric materials: Tellurium-containing compounds can convert heat directly into electrical energy and are used in thermoelectric generators and specialised applications.
Metallurgy and electronics: Tellurium improves the machinability of certain metals such as copper and steel. It is also used in selected electronic and optoelectronic applications.
Tellurium is mainly obtained as a by-product of copper refining. This means supply cannot be expanded flexibly in response to rising demand. According to the USGS, China was the leading producer of refined tellurium in 2025 and accounted for around 80 percent of estimated global production, based on available reliable data. (pubs.usgs.gov)
Tellurium received additional attention in 2025 after China announced export controls for several critical metals, including tellurium and tellurium compounds.
Solar and technology relevance: Tellurium is closely linked to thin-film photovoltaics, thermoelectrics and specialised electronics.
Supply limitation: Since tellurium is mainly produced as a by-product, production cannot be expanded at will.
Strategic positioning: High processing concentration and export controls increase its raw-material relevance.
Tellurium can be an interesting addition for investors who want targeted exposure to rare technology metals linked to solar energy and specialised applications.
Bismuth
| Melting Point: | 271,3°C |
| Density: | 9,8 g/cm3 |
| Colour: | Iridescent metallic |
| Boiling Point: |
1564°C |
| Annual Global Production: |
7 500 tonnes |
| Crust Abundance: |
0,2 ppm |
Bismuth, known in German as Wismut, is a reddish, lustrous and brittle metal with the chemical symbol Bi and atomic number 83. The name Wismut has been used in German-speaking regions for centuries. The metal is known for its special crystal structure, low thermal conductivity and relatively low toxicity compared with many heavy metals.
Medicine and pharmaceuticals: Bismuth compounds are used in pharmaceutical preparations, particularly in gastrointestinal applications.
Cosmetics and specialised products: Bismuth compounds are used in cosmetic products, among other things because of their shimmering effect.
Metallurgy and substitutes: Bismuth is used in lead-free solders, low-melting alloys, special metals and as a substitute for more toxic metals.
Bismuth is mainly obtained as a by-product of lead, copper, tin, tungsten and other metals. Global production is highly concentrated. According to USGS data, estimated world production in 2025 was around 16,000 tonnes, with China accounting for approximately 88 percent of global production. The estimated annual average price in 2025 was almost four times the 2024 level and reached the highest annual average price on record.
In 2025, China also introduced export controls on bismuth and bismuth compounds, further highlighting the metal’s strategic importance and supply-chain dependence.
Substitution potential: Bismuth can replace more toxic metals in selected applications, particularly in lead-free solutions.
Supply concentration: Strong dependence on a small number of producing countries can create supply risks and price volatility.
Niche character: Bismuth is not a mass-market commodity, but a specialised metal with selected applications.
For investors, bismuth can be an interesting niche addition, especially for those seeking rare metals with regulatory and technological substitution potential.
Tungsten
| Melting Point: | 3422°C |
| Density: | 19,12 g/cm3 |
| Colour: | Glossy steel grey |
| Boiling Point: |
5555°C |
| Annual Global Production: |
60 000 tonnes |
| Crust Abundance: |
64 ppm |
Tungsten, also known as wolfram, is a grey transition metal with the chemical symbol W and atomic number 74. The name wolfram originates from German. The metal is known for its exceptionally high melting point, high density, hardness and wear resistance.
These properties make tungsten one of the most important high-performance metals for industry, mechanical engineering, electronics, aerospace and defence.
Tool manufacturing: In the form of tungsten carbide, tungsten is used for cutting, drilling, milling and wear-resistant tools. These applications are central to mechanical engineering, mining, construction and industrial manufacturing.
Aerospace, defence and high-temperature applications: Due to its density, hardness and heat resistance, tungsten is used in specialised components, high-temperature parts, weights, armour and selected defence applications.
Electronics and energy: Tungsten is used in contacts, electrodes, conductive paths and high-temperature components. Its historical use in light-bulb filaments is well known, but plays a smaller role today compared with modern industrial applications.
Tungsten is mainly extracted from scheelite and wolframite. Production is highly concentrated, with China being the dominant producer. Reuters reported in 2025 that China accounts for more than 80 percent of global tungsten supply and introduced export controls on several tungsten products.
In 2026, tungsten prices reached record highs, according to Reuters, due to tight inventories, rising industrial demand and Chinese export restrictions.
Industrial indispensability: Tungsten is difficult to replace in high-performance tools, mechanical engineering, aerospace, defence and specialised electronics.
Supply risk: Strong dependence on China increases the strategic importance of the metal.
Long-term relevance: Industry, defence, electronics and infrastructure require tungsten for demanding applications.
Tungsten is suitable for investors who want to include a strategic industrial metal with high technical importance, but also relevant supply-chain risks, in their portfolio.
Zirconium
| Melting Point: | 1857°C |
| Density: | 6,51 g/cm3 |
| Colour: | Metallic silver |
| Boiling Point: |
4408°C |
| Annual Global Production: |
920 000 tonnes |
| Crust Abundance: |
0,021 ppm |
Zirconium is a silvery-white transition metal with the chemical symbol Zr and atomic number 40. It was discovered in 1789 by German chemist Martin Heinrich Klaproth. Its name is derived from the mineral zircon, in which zirconium commonly occurs.
Zirconium is characterised by high corrosion resistance, strength and low neutron absorption. This makes it particularly suitable for demanding technical applications.
Nuclear technology: Zirconium alloys are used in nuclear reactors, particularly for fuel rod cladding, because they are corrosion-resistant and absorb only a small number of neutrons.
Chemical industry: Zirconium and zirconium compounds are used as corrosion-resistant materials in aggressive chemical environments, such as reactors, heat exchangers and specialised equipment.
Ceramics, dental technology and medical applications: Zirconium oxide is used in high-performance ceramics, dental implants, dental prosthetics and medical applications.
Zirconium is mainly obtained from the minerals zircon and baddeleyite. Important production and reserve countries for zirconium mineral concentrates include Australia, South Africa, China, Indonesia, Mozambique, Senegal and Madagascar. The USGS reports significant 2025 production volumes for countries including Australia, China, Indonesia, Mozambique and Senegal. (pubs.usgs.gov)
Demand for zirconium is influenced by ceramics, foundry applications, chemicals, nuclear technology, dental technology and specialised materials. High-grade zirconium products for nuclear technology are subject to demanding quality requirements.
Broad technological use: Zirconium combines applications in nuclear energy, chemicals, ceramics, medical technology and specialised materials.
Strategic relevance: Its role in nuclear technology and corrosion-resistant specialised equipment makes zirconium industrially important.
Portfolio addition: Zirconium can complement a commodity portfolio with a versatile high-tech and industrial metal.
Zirconium is particularly interesting for investors who want exposure to long-term demand from nuclear technology, specialised ceramics, the chemical industry and medical applications.
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