When you mentioned that InP, it’s worth remembering where the raw material mainly comes from.
The global indium market is so small and concentrated that the removal or price increase of China’s supply would shift the balance of the entire market. In other words, China plays a significant role in the supply chain.
AI: According to the USGS, global refined indium production in 2025 was approximately 1,100 tons: China 760t, South Korea 180t, Japan 65t, Canada 40t, France 21t, Belgium 19t. Others had very small amounts.
So, China’s share is about 69%.