The country is currently the biggest producer of the two crude metals, and a restriction on more smelters coming online could hit Chinese stainless steel producers.
While seabed mining remains technologically and commercially unproven, rising demand for metals crucial to decarbonization are already unleashing a gold rush to the bottom of the sea.
Global exploration spending for base metals will nearly double within five years from the current annual $70 million to $80 million, CTO Laura Tyler says.
The release of state metal reserves is one of a number of attempts by Beijing to cool a stellar rally in commodity prices that has squeezed manufacturers’ margins.