China Builds Nickel Stockpiles as US Tensions Rise

China is accelerating purchases of nickel for its state reserves, taking advantage of prices that have fallen to a five-year low, the Financial Times reported. The move is aimed at strengthening the country’s control over a metal that is critical for stainless-steel production and the cathodes used in electric-vehicle batteries. The stock-building comes as strategic competition with the United States intensifies, including over access to battery metals needed for the energy transition. By expanding its nickel holdings while prices are depressed, Beijing is seeking to insulate domestic manufacturers from future supply disruptions and potential trade restrictions.