“中国正抓紧储备工业金属，保证供应链安全”

Core Viewpoint - China is significantly increasing its nickel reserves amid ongoing trade tensions with the United States, taking advantage of low nickel prices, which are at a five-year low [1][3]. Group 1: Nickel Procurement - Since December 2024, China has purchased up to 100,000 tons of nickel for its national reserves, potentially doubling its previous reserves estimated at 60,000 to 100,000 tons [1][3]. - In the first five months of 2025, China's total imports of pure nickel reached 77,654 tons, the highest level for the same period since 2019, doubling from the previous year [3][4]. - The increase in nickel imports is seen as evidence of strategic stockpiling, as the annual growth rate of primary nickel consumption is only 5% to 10% [3][4]. Group 2: Market Dynamics - Nickel prices have dropped approximately 40% over the past two years due to rapid production expansion in Indonesia, which controls two-thirds of the global supply [4]. - The global demand for nickel-based batteries is currently slowing, which may be contributing to the low prices [4]. - The London Metal Exchange (LME) reported that global buyers withdrew 78,798 tons of primary nickel from its warehouses from January to June 27 this year, significantly higher than the 17,544 tons withdrawn during the same period last year [4]. Group 3: Broader Metal Reserves - China is also focusing on accumulating other industrial metals such as lithium, cobalt, and copper to enhance its national reserves [4][5]. - The procurement of high-purity "primary nickel" is part of China's strategy to secure supply chain safety amid strained relations with the U.S. [3][5].