The European Union isn’t planning to stockpile battery metals and other critical commodities as part of new measures to ensure supplies — rowing back a previous suggestion — after some major manufacturers opposed the move.
It’s a softer approach than authorities have taken in the US and China, where strategic stockpiling programs were set up decades ago. For Beijing, the State Reserve Bureau has become a particularly influential force in industrial metals markets, making massive purchases when prices are low, and releasing stocks when they rally too far.
When unveiling plans for the Critical Raw Materials Act last year, European Commission President Ursula von der Leyen indicated it would include measures to boost strategic reserves of several critical raw materials including lithium and rare earths. “Centralized storage of strategic raw materials is the wrong strategy,” a group representing Volkswagen AG and the broader German auto industry told the commission in a letter last year. “Central stockpiling only puts additional pressure on the supply, which is already scarce.”
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