地缘政治风险引爆全球战略矿产“囤积赛”，美欧亚竞相构筑“金属防火墙”

Core Insights - A global competition is emerging to secure critical mineral resources, with governments actively taking measures to ensure access to metals deemed vital for national security and industrial policy [1][2] Group 1: Government Initiatives - The United States has proposed a $12 billion "Strategic Reserve Project" aimed at enhancing supply chain resilience by establishing inventories of critical metals essential for electrification, defense, and advanced manufacturing [1] - Australia announced an $800 million strategic reserve for critical minerals, prioritizing antimony, gallium, and rare earth elements [1] - The European Union is advancing its "RESourceEU" strategy for a joint reserve of critical raw materials, with Italy, France, and Germany expected to lead the initiative [1] Group 2: International Cooperation - India and Brazil have agreed to deepen cooperation in critical minerals and rare earths to diversify supply sources, aiming to strengthen bilateral trade and establish resilient supply chains for clean energy, technology, and defense industries [2] - South Korea launched a comprehensive critical minerals strategy earlier this year, supported by approximately $172 million in government funding to expand reserves and infrastructure [2] Group 3: Market Dynamics - Analysts note a structural shift in commodity policy, with resource nationalism influencing market outcomes, as countries prioritize resource security as part of industrial strategy and national security rather than merely crisis management [3][4] - The current commodity inventory build-up cycle is distinct from previous cycles, which were primarily driven by traditional supply-demand imbalances or weather shocks; now, policy and geopolitical risks directly impact market results [4] Group 4: Future Expectations - Analysts expect government stockpiling behaviors to accelerate, particularly for metals related to energy transition and defense [5] - The perception of supply chains as national security infrastructure rather than just commercial flows indicates that countries are still in the early stages of this strategic shift [6]