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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: metals refining. Ownership re-checked 2026-10-02 — exposure claims not re-checked since fill. Company profile →
Toho Titanium Co., Ltd. (TYO: 5727) is Japan's largest producer of titanium sponge — the porous metal precursor to titanium ingot, bar, and powder — made via the Kroll process at its Wakamatsu and Chigasaki plants.
Beyond titanium metal, the company runs a Catalyst business (polyolefin/polypropylene catalysts) and a Chemicals/Electronic Materials business making high-purity titanium dioxide and ultra-fine nickel powder for multi-layer ceramic capacitor (MLCC) electrodes, leveraging the same reduction chemistry developed for titanium refining.
Verbatim from the dossier's “What they do” section — sources on the company profile.
This is where Toho Titanium 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.
Magnesium — the reductant consumed in the Kroll process: titanium tetrachloride (TiCl₄) is reduced with metallic magnesium to yield titanium sponge, with magnesium chloride as byproduct (recycled on-site back to Mg metal and chlorine). Every tonne of titanium sponge Toho produces requires a corresponding magnesium input, so the company's core busi…
Titanium — core product, mine-adjacent to metal (upstream producer, not a purchased-input exposure). Toho is Japan's largest producer of titanium sponge; as a producer rather than a buyer, its exposure runs upstream to titanium mineral-concentrate feedstock (ilmenite/rutile), not to the metal itself. Titanium sponge/ingot supply is a live trade-policy flashpoint (Section 232 petitions, aerospace qualification of Chinese sponge).
Nickel — Toho's Chemicals/Electronic Materials business manufactures ultra-fine (nano-scale) nickel powder used as the internal electrode material in MLCCs, a high-volume, high-purity application distinct from bulk stainless-steel-grade nickel demand. This is a company-verified product line (not merely a sector default), built on the same reduc…
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, 102d 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 — core product, mine-adjacent to metal (upstream producer, not a purchased-input exposure). Toho is Japan's largest producer of titanium sponge; as a producer rather than a buyer, its exposure runs upstream to titanium mineral-concentrate feedstock (ilmenite/rutile), not to the metal itself. Titanium sponge/ingot supply is a live trade-policy flashpoint (Section 232 petitions, aerospace qualification of Chinese sponge).
Nickel — Toho's Chemicals/Electronic Materials business manufactures ultra-fine (nano-scale) nickel powder used as the internal electrode material in MLCCs, a high-volume, high-purity application distinct from bulk stainless-steel-grade nickel demand. This is a company-verified product line (not merely a sector default), built on the same reduc…
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.
titanium — you sit on the supply side: a measure tightening others' supply pushes buyers toward you, so your move is positioning, not substitution (chokepoint page).
nickel — you sit on the supply side: a measure tightening others' supply pushes buyers toward you, so your move is positioning, not substitution (chokepoint page).
JP · stage awaiting-signature → high likelihood · touches nickel · flagged 29 Jun 2026, 99d 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 — Toho's Chemicals/Electronic Materials business manufactures ultra-fine (nano-scale) nickel powder used as the internal electrode material in MLCCs, a high-volume, high-purity application distinct from bulk stainless-steel-grade nickel demand. This is a company-verified product line (not merely a sector default), built on the same reduc…
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.
nickel — you sit on the supply side: a measure tightening others' supply pushes buyers toward you, so your move is positioning, not substitution (chokepoint page).
EU · stage awaiting-signature → high likelihood · touches titaniumnickel · flagged 15 Jun 2026, 113d 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 ↗Titanium — core product, mine-adjacent to metal (upstream producer, not a purchased-input exposure). Toho is Japan's largest producer of titanium sponge; as a producer rather than a buyer, its exposure runs upstream to titanium mineral-concentrate feedstock (ilmenite/rutile), not to the metal itself. Titanium sponge/ingot supply is a live trade-policy flashpoint (Section 232 petitions, aerospace qualification of Chinese sponge).
Nickel — Toho's Chemicals/Electronic Materials business manufactures ultra-fine (nano-scale) nickel powder used as the internal electrode material in MLCCs, a high-volume, high-purity application distinct from bulk stainless-steel-grade nickel demand. This is a company-verified product line (not merely a sector default), built on the same reduc…
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.
US · stage passed-committee → elevated likelihood · touches nickel · flagged 23 Jun 2026, 105d pending
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 Continental Shelf; eliminates environmental notification to adjacent state governors (§580. 31) and BOEM's own environmental review requirement (§580. 29); accelerates OCS hard mineral leasing pipeline in line with EOs 14285 and 14154 ("unleashing" OCS resources); comment period closed April 27, 2026; awaiting final rule
source ↗Nickel — Toho's Chemicals/Electronic Materials business manufactures ultra-fine (nano-scale) nickel powder used as the internal electrode material in MLCCs, a high-volume, high-purity application distinct from bulk stainless-steel-grade nickel demand. This is a company-verified product line (not merely a sector default), built on the same reduc…
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.
nickel — you sit on the supply side: a measure tightening others' supply pushes buyers toward you, so your move is positioning, not substitution (chokepoint page).
SN · stage passed-committee → elevated likelihood · touches titanium · flagged 13 Jun 2026, 115d pending
Replaces 2016 Code Minier; embeds 'sovereignty doctrine' with stronger state participation, local-transformation mandate, and WAEMU-conformity requirements; President Faye targeted adoption before end-2025; PM Sonko's May 2026 dismissal may have delayed/revised the bill
source ↗Titanium — core product, mine-adjacent to metal (upstream producer, not a purchased-input exposure). Toho is Japan's largest producer of titanium sponge; as a producer rather than a buyer, its exposure runs upstream to titanium mineral-concentrate feedstock (ilmenite/rutile), not to the metal itself. Titanium sponge/ingot supply is a live trade-policy flashpoint (Section 232 petitions, aerospace qualification of Chinese sponge).
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.
titanium — you sit on the supply side: a measure tightening others' supply pushes buyers toward you, so your move is positioning, not substitution (chokepoint page).
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…
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…
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…
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…
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…
Second wave of CRMA Art.
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…
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…
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…
3 of 29 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.
For a material it buys, a restriction tightens supply and raises input cost — a headwind. For the 2 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 critical minerals — read via the graph's critical minerals processing node, the nearest equivalent of its sector. 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 2026-10-06), 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 titanium. Restrictions by 🇨🇳 CN push buyers toward ex-CN producers — the strategy is to be visible where those buyers look: the titanium chokepoint page and the watchlist.
This company sits on the supply side of nickel. Restrictions by 🇨🇳 CN push buyers toward ex-CN producers — the strategy is to be visible where those buyers look: the nickel chokepoint page and the watchlist.
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.