China has proven nickel ore reserves of 2.8 million tons, accounting for only 3.16% of the global total, but its annual consumption amounts to half of the world's total output.

At present, over 80% of China's nickel resources need to be met through imports, with the main source countries concentrated in Southeast Asia. Indonesia, as the world's largest producer of nickel ore, contributes approximately 50% of the international supply.

In the first half of 2025, the global nickel metal market reached a historic position, and relevant Chinese authorities promptly initiated a strategic reserve plan. Secondly, by expanding supply channels through capacity reserves, the most representative example is the $3.2 billion nickel smelting project invested by Jinchuan Group in Indonesia, which has enabled China to acquire significant overseas refining capacity. It has also made significant contributions to the local economic development.

The platinum group metals include six metallic elements: ruthenium (Ru), rhodium (Rh), palladium (Pd), osmium (Os), iridium (Ir), and platinum (Pt). Among them, platinum, palladium and rhodium account for the vast majority of market demand.

Platinum group metals feature high melting points, great strength, stable electrical and thermal properties, high resistance to electrical spark erosion, excellent corrosion resistance, strong high-temperature oxidation resistance, and good catalytic activity. They are widely used in various fields such as automobiles, jewelry, chemical engineering, electrical and electronic engineering, and glass manufacturing. Platinum group metals are renowned for their unique properties and scarcity of resources, and are collectively known as "precious metals" along with gold and silver.

Platinum group metal resources exist in the form of by-products of copper-nickel ores and lack independent deposits. More than 95% of the primary ore is mined through comprehensive recycling and utilization, and the amount of primary ore mined is extremely small.

At present, China's platinum group metal resources are extremely scarce, with reserves of about 400 tons, accounting for only 0.4% of the global reserves. In 2025, the domestic annual output will only be 3 tons, with a huge gap between supply and demand. The import dependence has long exceeded 90%.