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What they make, where they produce, the materials that matter — then what is coming, what it would do to the business, and the moves available. Sector: chemicals. Company profile →
Air Products (APD) is the world's largest hydrogen supplier and a major industrial gases company, producing and distributing hydrogen, oxygen, nitrogen, argon, helium, and CO₂ via on-site plants, merchant supply, and pipeline networks. The company also engineers and sells the capital equipment that produces those gases — cryogenic air separation units (ASUs), steam methane reformers (SMRs), and alkaline water electrolysis (AWE) stacks. Its flagship green hydrogen venture is the 2 GW NEOM Green Hydrogen Complex in Saudi Arabia (an equal joint venture with ACWA Power/NEOM), designed to produce 600 t/day of green hydrogen via alkaline electrolyzers supplied by thyssenkrupp nucera, synthesized on-site into up to 1.
2 Mt/yr of green ammonia for export.
Verbatim from the dossier's “What they do” section — sources on the company profile.
This is where Air Products and Chemicals, Inc. produces — approximate output shares from its dossier — not where it sells. Sales geography is not yet in our corpus for any company, so we cannot compute exposure to measures that bite on where products ship: an extraterritorial re-export rule follows the shipment and its material content, not the factory. Where such a measure touches its materials, the policy sections below flag it — but its sales-side incidence is not computable yet, and we say so rather than substitute the production map for it.
Of everything in its products, we track the critical inputs — the materials whose supply is concentrated in few countries, policy-exposed, or hard to substitute — because those are the ones a single measure can move. Each carries its role in the product, quoted from the dossier's own exposure note.
Tungsten — named in APD's Form SD (CY2025, filed 2026-05-29) states its products contain "tin, tungsten, tantalum and/or gold" necessary to functionality; which products use it is not itemised. Plausible (inferred, not stated) uses: high-temperature tooling, electrodes, or instrumentation components used in gas-production equipment.
Titanium — used in AWE bipolar plates and cryogenic heat exchangers. Previously excluded as unscored; titanium was added to `SCORED_MATERIALS` 2026-07-23, after this dossier's prior refresh (2026-06-07) — corrected 2026-08-20.
Palladium (as platinum-palladium) — used in H₂ membrane purification. Previously flagged as "not currently in the scored-materials list," but the platform's `platinum-palladium` combined slug (already in `SCORED_MATERIALS`) resolves a bare "palladium" mention via its synonym table — corrected 2026-08-20.
Tin — named in the same Form SD list ("and/or"); product use not itemised. Inferred, not stated: solder in electronic assemblies across its gas-plant control systems and hydrogen equipment.
Nickel — dominant exposure. AWE electrodes and current collectors are made of nickel mesh/foam (~800 kg–1 t Ni per MW); at 2 GW, NEOM alone represents ~1,600–2,000 t of nickel.
Tantalum — named in the same Form SD list ("and/or"); product use not itemised. Inferred, not stated: capacitors embedded in plant control and monitoring electronics.
Helium — APD is one of the world's largest helium traders and distributors; helium supply concentration (Qatar, US, Russia) is an explicit risk factor in APD's FY2025 10-K. Helium is on the US Critical Minerals list.
Scope. The non-critical remainder of the bill of materials — structural steel, polymers, glass and the like — is not tracked here because it is not supply-constrained: this section covers the constrained inputs, which is where policy risk concentrates, not a full bill of materials.
The top 5 are ranked mechanically — what the instrument does (its transmission class: an export ban is not a reporting duty), × how close to law (stage-derived likelihood band, never a probability) × how much of your tracked bill of materials it touches. Each unfolds as a chain: trigger → what it hits → the response the instrument actually calls for. A measure touching a material you produce can be an opportunity, not a threat.
TZ · stage awaiting-signature → high likelihood · touches titaniumnickel · flagged 26 Jun 2026, 103d pending
TZ Finance Bill establishes the Mineral Research Fund capitalised at 10% of gross mineral revenue (~TZS 141 billion/yr at 2025 collection levels); amends the Income Tax Act to formally recognise tax exemptions granted under individual mining Framework Agreements and introduces standard operating procedures — reduces discretionary government risk for large mining investors (Panda Hill niobium, graphite juniors, Buzwagi gold); parallel VAT amendments give equivalent statutory certainty for VAT exemptions; taken together, the bill moves Tanzania from discretionary tax administration toward a rule-of-law-based investor regime for all critical-mineral projects; budget targets Tanzania for top-4 niobium producer status (Panda Hill DA already signed March 24, 2026) and 50% geophysical survey coverage by 2030
source ↗Titanium — used in AWE bipolar plates and cryogenic heat exchangers. Previously excluded as unscored; titanium was added to `SCORED_MATERIALS` 2026-07-23, after this dossier's prior refresh (2026-06-07) — corrected 2026-08-20.
Nickel — dominant exposure. AWE electrodes and current collectors are made of nickel mesh/foam (~800 kg–1 t Ni per MW); at 2 GW, NEOM alone represents ~1,600–2,000 t of nickel.
The filed text doesn't state this instrument's mechanism clearly enough to classify, so we don't guess a response — the measure text above is the read.
CD · stage passed-vote → high likelihood · touches tungstentantalum · flagged 14 Jun 2026, 115d pending
Royalty near-triples on Manono lithium project (Zijin Mining/La Cominière, DRC's first industrial lithium mine commissioning June 2026) and all DRC tantalum, niobium, tungsten, uranium, REE operators; reprices extraction economics across the entire DRC critical-mineral portfolio
source ↗Tungsten — named in APD's Form SD (CY2025, filed 2026-05-29) states its products contain "tin, tungsten, tantalum and/or gold" necessary to functionality; which products use it is not itemised. Plausible (inferred, not stated) uses: high-temperature tooling, electrodes, or instrumentation components used in gas-production equipment.
Tantalum — named in the same Form SD list ("and/or"); product use not itemised. Inferred, not stated: capacitors embedded in plant control and monitoring electronics.
The filed text doesn't state this instrument's mechanism clearly enough to classify, so we don't guess a response — the measure text above is the read.
MW · stage passed-vote → high likelihood · touches tantalum · flagged 13 Aug 2026, 55d pending
President Peter Mutharika signed an executive order (dated 23 Oct 2025, effective 21 Oct 2025, announced at Sanjika Palace during a cabinet swearing-in) prohibiting the export of raw/unprocessed minerals extracted in Malawi — uranium, rare earth elements, niobium, graphite, tantalum, bauxite, coal, limestone, gemstones, heavy mineral sands, vermiculite, phosphate, rutile, gold, diamonds, copper and others — with an exemption for minerals processed/refined/value-added domestically per Malawian mining law. Announced alongside a suspension of new mining-licence issuance and a review of mining laws (2026/27 State of the Nation Address), plus a planned sovereign wealth fund. Stated rationale: local beneficiation, targeting up to USD 500m/yr once the Kasiya rutile/graphite deposit (Lilongwe) and Kangankunde rare-earth project (Balaka, Mkango Resources — Africa's prospective first new REE mine since 2017, targeting late-2026 production) are fully developed. Violators face fines/penalties under Malawian law. MW is currently the THINNEST country in the register (1 prior action) despite this breadth of minerals covered. Export-ban/beneficiation-mandate, same instrument class as Zimbabwe's SI 213/2022 raw-mineral bans and Guinea's 2026 gold-export ban already in the register.
source ↗Tantalum — named in the same Form SD list ("and/or"); product use not itemised. Inferred, not stated: capacitors embedded in plant control and monitoring electronics.
The prohibition covers the raw/unprocessed form; material processed in Malawi stays exportable under the order's own exemption — so a Malawi processing route remains open alongside the alternatives below.
tantalum — Malawi holds no measurable share of world mining production in our table (2025 data), so this measure removes little measurable supply for you today; its weight is as precedent, not as a supply loss.
Supply outside 🇲🇼 MW: 🇨🇩 CD 52% · 🇷🇼 RW 16% · 🇳🇬 NG 16% · 🇧🇷 BR 7.6% — shares renormalised after removing MW.
JP · stage awaiting-signature → high likelihood · touches nickel · flagged 29 Jun 2026, 100d pending
Japan's METI + MOF made an affirmative PRELIMINARY determination in an anti-dumping investigation (initiated 22 Jul 2025 on an application from Nippon Steel, Nippon Yakin Kogyo, NAS Stainless Steel Strip and Nippon Kinzoku) into nickel-added cold-rolled stainless steel coil, sheet and strip originating in the People's Republic of China and the separate customs territory of Taiwan (Penghu, Kinmen, Matsu); Trade Minister Ryosei Akazawa indicated provisional duties of ~45% on Chinese product and ~21% on Taiwanese product, expected to take effect as soon as July 2026. On 19 Jun 2026 METI/MOF EXTENDED the investigation period by four months to 21 Nov 2026 (final determination pending). IPTM relevance: (1) a RARE Japan-issuer trade remedy — JP has ZERO trade-remedy actions on the register and seldom uses AD, so a Japanese AD wall is a notable issuer + instrument-bloc gap; (2) China/Taiwan-target on nickel-added stainless steel, a nickel+chromium chokepoint-adjacent material; re-prices a China/TW->Japan stainless flow into a major downstream manufacturing base; (3) parallels the active 2025-26 Asian steel-AD wave the register is now capturing (Thailand DFT aluminium-extrusions, Indonesia KADI HRC, Malaysia MITI galvanised steel).
source ↗Nickel — dominant exposure. AWE electrodes and current collectors are made of nickel mesh/foam (~800 kg–1 t Ni per MW); at 2 GW, NEOM alone represents ~1,600–2,000 t of nickel.
A duty raises the cost of the origins the measure names into Japan's market — a cost line on affected flows, not lost availability. Origins outside the measure's named targets are the route around it; the text above names the targets where its source does.
EU · stage awaiting-signature → high likelihood · touches tungstentitaniumnickel · flagged 15 Jun 2026, 114d pending
Establishes the first legally binding "safe level" benchmark for EU strategic stocks of each of the 17 strategic raw materials listed in the CRMA Annex I; benchmarks used as reference by Member States, financial institutions, and industrial consumers to assess strategic supply risk; mandated every 2 years, so this is the first edition setting the baseline; informs CRMA Art. 23 monitoring obligations and is the evidential basis for Art. 24 corporate-reporting thresholds
source ↗Tungsten — named in APD's Form SD (CY2025, filed 2026-05-29) states its products contain "tin, tungsten, tantalum and/or gold" necessary to functionality; which products use it is not itemised. Plausible (inferred, not stated) uses: high-temperature tooling, electrodes, or instrumentation components used in gas-production equipment.
Titanium — used in AWE bipolar plates and cryogenic heat exchangers. Previously excluded as unscored; titanium was added to `SCORED_MATERIALS` 2026-07-23, after this dossier's prior refresh (2026-06-07) — corrected 2026-08-20.
Nickel — dominant exposure. AWE electrodes and current collectors are made of nickel mesh/foam (~800 kg–1 t Ni per MW); at 2 GW, NEOM alone represents ~1,600–2,000 t of nickel.
This is a reporting / disclosure obligation — it does not prohibit importing from anywhere, so there is no supplier to switch and we list none. What you must do is what the measure's own text above describes: map the supply chain it covers, run the audit, and file. Its text states no filing deadline — we don't invent one.
Mapping your supply chain is exactly the work this obligation requires — your MacroLens exposure report is that map's starting point.
Further materials are covered in section 6 below.
Tanzania's Ministry of Minerals (Minister Anthony Mavunde) has FINALISED a Critical and Strategic Minerals Strategy that takes legal effect only once the Government formally approves and gazettes the…
Prohibits raw mineral exports unless 30% value-addition achieved domestically; affects Chinese mining companies (dominant in Nigerian critical minerals sector), Western offtake agreements, and all fo…
Revises 30 CFR Part 580 to streamline 10 provisions governing prospecting, leasing, and operations for hard minerals (manganese nodules, cobalt-rich crusts, seafloor massive sulfides) on the US Outer…
Replaces 2016 Code Minier; embeds 'sovereignty doctrine' with stronger state participation, local-transformation mandate, and WAEMU-conformity requirements; President Faye targeted adoption before en…
Mongolia's cabinet approved and submitted to the State Great Khural a draft amending ~40% of the 2006 Minerals Law: (i) cuts the maximum exploration-licence duration from 12 to 6 years while raising…
Mandates 15% free-carried interest for Uganda National Mining Company (UNMC) in all new mining licences; introduces mandatory mineral buying centres; tightens local-content and value-addition obligat…
RESourceEU (COM(2025) 945, 3 Dec 2025) commits the Commission to establish a **European Critical Raw Materials Centre** in early 2026 with four functions: (a) generate **systemic market intelligence…
Madagascar's Council of Ministers approved resumption of mining-permit issuance on ~28-29 Jan 2026, ending a moratorium in place since 2010 (imposed during a political transition amid mining-title sp…
Minister of Mines, Petroleum and Energy Mamadou Sangafowa-Coulibaly formally launched the revision of Côte d'Ivoire's 2014 Mining Code on 13 June 2026, standing up an expert team drawn from his minis…
New general mining law (distinct from PL-157 lithium/evaporites bill already in index): 20-year tax stability regime for mining projects; eliminates the 12.
VP Constantino Chiwenga announced at the Zimbabwe-China Business Forum (Hangzhou) that Zimbabwe will no longer issue new mining licences for operations that extract only one mineral from a deposit —…
Indonesia = ~20% of global refined tin exports (Bangka Belitung); a ban on refined-tin exports would force downstream solder/semiconductor-packaging manufacturing domestically; disrupts global electr…
Second wave of CRMA Art.
The Energy and Mineral Resources Ministry (ESDM) and Ministry of Finance announced May 11, 2026 that the implementation of higher tiered royalty rates under Government Regulation (PP) 19/2025 — cover…
The 12 July 2025 Bougival Accord (13-page political agreement creating a "State of New Caledonia" within France, pending a 2026 referendum + French organic law) contains an economic-rebuilding pact t…
VP declared no new large-scale mining agreement will be concluded without a binding value-addition commitment; Mines Minister referenced Zimbabwe, Tanzania, Ghana, and Malawi precedents for raw-miner…
Binding plurilateral trade agreement among like-minded partners (US, EU, Japan and FORGE coalition members) establishing coordinated trade measures for critical mineral supply chains — including bord…
Indonesia = ~50% global nickel mine supply and dominant producer of NPI/ferronickel/MHP; export duty on downstream nickel products (NPI, ferronickel, nickel matte, MHP) would add a material cost laye…
Saudi sovereign mining vehicle Manara Minerals (PIF + Ma'aden JV) is in advanced negotiations to acquire a 15-20% equity stake (deal value ~USD 1.
Full replacement of the Mining Act 1992 with sweeping new statute: state acquires up to 30% equity in any new mining project (Kumul Minerals free-carry); special mining leases (SML) issued for initia…
Ministry of Mines issued operational guidelines for the Mining Sector Reforms component under Scheme for Special Assistance to States for Capital Investment (SASCI) FY2026-27, with total ₹5,000 crore…
4 of 60 filed an explicit in-force stage; the rest (flagged below) default from an absent stage: field, not a filed assertion. Each links to the register entry with its primary source.
⚠ Extraterritorial measure — switching supplier origin may not exit its scope.
China MOFCOM Announcement No. 1 [2026] — country-specific dual-use export controls on Japan claims reach over foreign-made goods (“extraterritorial”) — the rule follows the material, not the seller, so an alternative outside the issuer can still be captured if its products contain or are made with in-scope inputs. Verify each alternative's feedstock origin before treating it as an exit.
For a material it buys, a restriction tightens supply and raises input cost — a headwind. For the 1 it produces, the same restriction supports pricing — a tailwind. Scores are footprint-adjusted and buyer-relative (0–100, higher = more exposed).
Its customers sit in manufacturing, petrochemicals. A measure supporting those sectors supports demand for this company's products; one restricting them puts that demand at risk. The sign shown is the mechanical read — click through to judge whether a measure protects or constrains the customer.
For each bought material: the ex-controller producers a procurement team can actually reach, from the alternatives map (derived 2026-10-07), viability-gated — each name carries its deployment status (with the verbatim dossier phrase it rests on), a capture check against the measure being escaped, and any contracted-capacity evidence. Deployable-now names sort first; a developer with zero tonnes is shown demoted, never dressed up as a switch you can make today. Tradability is inherited from the listing layer, never guessed.
This company sits on the supply side of helium. Restrictions by 🇺🇸 US push buyers toward ex-US producers — the strategy is to be visible where those buyers look: the helium chokepoint page and the watchlist.
⚠ Extraterritorial measure — switching supplier origin may not exit its scope.
China MOFCOM Announcement No. 1 [2026] — country-specific dual-use export controls on Japan claims reach over foreign-made goods (“extraterritorial”) — the rule follows the material, not the seller, so an alternative outside the issuer can still be captured if its products contain or are made with in-scope inputs. Verify each alternative's feedstock origin before treating it as an exit.
+1 more tradable names, ranked below these by the same gate.
+5 more tradable names, ranked below these by the same gate.
+7 more tradable names, ranked below these by the same gate.
+10 more tradable names, ranked below these by the same gate.
+34 more tradable names, ranked below these by the same gate.
lib/policy-transmission.ts): an export prohibition in the measure's name/text → supply restriction; a raw/unprocessed-export limit or local-processing mandate → beneficiation (form change, not unavailability); reporting/disclosure/due-diligence language → compliance obligation; tariff/trade-remedy language → import cost; subsidy/fast-track/relaxation language → support; investment-screening/M&A language → investment control. When the text carries no signal we fall back to the action-type default and label the chip inferred; when neither exists the card says so and derives no response — we never assert a class the evidence doesn't support.lib/iptm-material-country-production.ts; mining stage preferred, refining as fallback — the stage and source year are in each figure's hover text). Ex-issuer supply removes the ISSUING country and renormalises the remaining listed shares (so they sum to 100% of what's left) — alternatives to the country making the rule, never a default ex-China list. Where the issuer holds no measurable share, the card says so plainly instead of implying supply loss.lib/alternative-viability.ts): each named alternative carries a deployment status — operating / ramping / restarting / development / unknown — derived from word-boundary signal phrases in its own dossier (“operating since 1896”, “restarting the … mine”, “FID taken”), and the verbatim matched phrase is shown as the basis so the claim is auditable; a dossier with no signal stays unknown, never guessed. Any evidenced production date is quoted verbatim (“first production targeted H2 2029” → “no tonnes before 2029”) — we never synthesize one. A measure whose own text claims extraterritorial / re-export / de-minimis / foreign-direct-product / percentage-of-value scope triggers the origin-switching warning above the list: such a rule follows the material, not the seller, so a foreign-made alternative can still be captured. Same-issuer register actions targeting an alternative's country and material mark it may be captured, with the entries linked. “Capacity partly committed” lines quote the dossier verbatim — we hold no structured free-capacity numbers and never imply a utilisation figure.How MacroLens tracks this for you. The policy register files new measures daily and this page recomputes from it — the same chokepoints are monitored live on the watchlist and in the full register.