China is amassing huge quantities of nickel, taking advantage of low prices to bolster its reserves of the metal vital to stainless steel and electric vehicle batteries in the face of an escalating trade war with the US.

Beijing is estimated to have bought up to 100,000 tonnes of nickel for its state reserves since December, according to two people familiar with the matter as well as a Financial Times analysis of China trade data and withdrawals from the London Metal Exchange. Three other people confirmed the purchases but did not provide a figure.

Industry experts said Beijing’s nickel stockpile was estimated at 60,000 to 100,000 tonnes before the latest round of purchases, meaning China is thought to have doubled it this year. China does not regularly disclose the volume of its metal reserves.