Chinese export restrictions on germanium, a metal crucial for the defence industry, have created a “desperate” supply crunch and pushed prices to their highest level in at least 14 years, traders say.
Germanium is essential to the production of thermal imaging systems used in military equipment, including fighter jets. But its production is heavily dominated by China and companies do not typically hold large stockpiles.
China said in 2023 that it would halt the export of germanium, gallium and antimony following restrictions by the US and the Netherlands on advanced chips and chipmaking equipment. However, traders and analysts said exports started to nosedive in earnest from the end of 2024 onwards.
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