Carbon here means the anode side of the battery — natural and synthetic graphite — plus the coke that still underwrites global steel. Graphite supply and processing is overwhelmingly China-dominated, which makes it the quiet leverage point in the whole electrification story. We cover the chokepoint honestly.
The anode gets none of the glamour and most of the leverage. China dominates natural flake, synthetic graphite and — crucially — the processing in between. Building a Western anode supply chain is harder than building a mine.