In 2024, when Jiangsu Delong, the world’s second-largest stainless-steel producer, filed for bankruptcy, several Chinese firms and state-owned enterprises quietly absorbed its Indonesian assets. Among them was China First Heavy Industries, a state-owned enterprise founded in 1954 as one of China’s early Soviet-backed industrial projects. Today, China First Heavy Industries supplies military-grade metals to China’s military, including reactor vessels for nuclear submarines. For a manufacturer embedded deeply in China’s naval industrial base, securing nickel feedstock for specialty steels is crucial.The episode reveals China’s strategy for critical minerals: Incentivizing access to upstream assets for Chinese firms reduces the risk of supplyThe post Control Without Ownership: How China’s Party-Business Networks Dominate Indonesia’s Mineral Supply Chains appeared first on War on the Rocks.