This is both great and awful. It’s great in that it simplifies understanding of the supply chains: China’s penchant for hyperfinancing and overbuilding makes it all China, all the time. It is awful in that the global supply chain for one of the world’s most utilized metals is wrapped up in a failing system. When China cracks, the world will face global shortages of aluminum, as there simply are not sufficient smelting facilities elsewhere to cover more than a few percentage points of the pending shortfall.
