IRuniverse held the 13th Battery Summit in Tokyo on March 17–18, occupying two floors at Bellesalle Onarimon Tower in Tokyo’s Minato Ward. This report (Part 2) covers three presentations delivered in the second part of the “Resource & Policy × Critical Material” session on the first day. The speakers were Mr. Michael Insulan of Electra Battery Materials, Mr. Motoki Nishino of NIC Resources, and Mr. Kotaro Shimizu of Mitsubishi UFJ Research and Consulting. A question-and-answer session followed the presentations.
■Electra Battery Materials, Michael Insulan :Canada’s Battery Metals Landscape: Electra’s Role and Vision
The first speaker in the second part was Mr. Michael Insulan of Electra Battery Materials. As vice president, he oversees marketing for refined cobalt sulfate to electric vehicle and battery cell manufacturers and is also responsible for marketing battery materials derived from recycling, including cobalt, nickel, and lithium. He delivered a presentation titled “Canada’s Battery Metals Landscape: Electra’s Role and Vision.”
In his presentation, He addressed supply chain restructuring in relation to stable supply of electric vehicle battery materials, particularly cobalt sulfate.
Electra Battery Materials is constructing a battery-grade cobalt sulfate refining facility in North America, with operations scheduled to begin in the second half of 2027. Mr. Insulan noted China holds more than 90% share in refining and referred to geopolitical risks and export control measures, stating that reducing dependence on China and strengthening supply chain resilience are considerations for the industry.
He also noted policy support in the United States, including tax incentives and defense-related regulations, is contributing to these developments. While raw materials continue to depend on the Democratic Republic of the Congo, he said supply diversification is progressing through investment and logistics development led by Western partners. He said the company plans to expand recycling operations, including processing of black mass and strengthening pretreatment capacity.
Mr. Insulan also referred to cooperation with Japanese companies, stating that the company aims to establish long-term supply partnerships.
■NIC resources Motoki Nishino :Tungsten Price Outlook 2026: Where is the Ceiling?
The second presentation was delivered by Mr. Motoki Nishino, president of NIC Resources. His presentation was titled “Tungsten Price Outlook 2026: Where is the Ceiling?”
Mr. Nishino discussed recent movements in tungsten prices and outlined factors affecting the market and future outlook. He identified three factors: the introduction of China’s export licensing system, increases in domestic prices in China, and expanded imports of tungsten concentrates into China.
China accounts for a large share of global supply and consumption. Mr. Nishino noted that export restrictions have tightened raw material availability in Western markets, while domestic prices in China have risen to more than double the level at the beginning of the year amid tighter supply-demand conditions. He also noted that purchases of resources from Western markets by Chinese buyers have contributed to tighter conditions in the international market.
On the demand side, he referred to expanding demand in China related to defense and advanced technology sectors and noted that supply shortages may be emerging.
Regarding the outlook, Mr. Nishino noted that China’s domestic market is expected to continue leading price movements, with Western markets likely to follow. He added that even if Chinese prices decline, supply constraints may persist, limiting downside potential. He projected that China’s domestic APT prices could rise to around RMB 1.5 million per ton (approximately $2,450/mtu), plus additional costs such as freight and financing.
■Mitsubishi UFJ Research and Consulting Kotaro Shimizu :Economic Importance of the Rare Earth Industry
The final presentation in the second part of the “Resource & Policy × Critical Material” session on the first day was delivered by Mr. Kotaro Shimizu, unit head and chief researcher of the Economic and Industrial Unit, Policy Research Division at Mitsubishi UFJ Research and Consulting. His presentation was titled “Economic Importance of the Rare Earth Industry.”
Mr. Shimizu noted that demand for rare earths and other critical minerals is expanding in renewable energy, space, and advanced materials sectors. He explained that, in overseas jurisdictions, critical minerals are evaluated from the perspectives of supply risk and economic and industrial impact, and that related lists are being developed.
Using an extended input-output analysis framework, he presented findings on economic ripple effects in the event of supply disruptions. He noted that materials such as cobalt and dysprosium can have a significant impact on Japan’s economy even in small quantities and that they differ in importance from base metals.
Mr. Shimizu added that rare earths are materials associated with the development of a sustainable society and referred to the need for research and development investment to support expanded utilization.
■Q&A Session
Following the session, a question-and-answer discussion was held on supply and demand conditions and supply chain structures for critical minerals. Mr. Shigeo Nakamura, CEO of UMC, participated as a guest.
On the supply and demand side, the potential impact of expanding demand in defense and advanced technology sectors was discussed. The market size of defense demand was described as limited, while demand in specific applications related to drones and electrification was noted as a possible source of growth. The importance of strengthening supply chain resilience, in addition to securing supply volumes, was also noted.
Regarding market structure, it was noted that movements of speculative capital can amplify price volatility. It was also noted that the critical minerals market has characteristics different from general commodity markets, given its relatively small scale and the significant influence of China.
The discussion also addressed historical and geopolitical factors related to resource issues. It was noted that, in light of the role of resource-producing countries including those in Africa and efforts by Western countries to restructure supply chains, critical minerals issues require consideration from economic, political, and historical perspectives. Rising resource nationalism in producing countries was also noted as a factor that may contribute to supply risks and influence future resource procurement strategies.
(Reported by IRuniverse, G. Mochiduki, Translated by IRuniverse, Midori Fushimi)
