To develop a stronger domestic platinum group metals (PGMs) market and to improve domestic and international communication and cooperation, the Precious Metal Industrial Committee at the China Material Recycle Association (PMIC), the Platinum Committee at China Gold Association (PDCGA) and the World Platinum Investment Council (WPIC) have partnered and are planning the first Shanghai Platinum Week – China PGMs Market Summit.
Scheduled to be held from May 31 to June 4, the event will build upon the structure of London Platinum Week and will cover issues relating to all of the PGMs family.
Starting off with a main conference, subsequently divided into individual corporate events during the course of the week, the Shanghai Platinum Week is intended to become a vital event to discuss and benefit the China market, and, over time, an internationally influential yearly event for the global platinum and PGM markets.
It is intended to strengthen international communication and cooperation in PGM market development, technologies and investment.
The above is owing to China being not only the world’s largest PGMs consumer, but also being a key target market for PGMs recycling, despite the country’s PGMs reserves being small.
According to the China Mineral Resources Report 2019, published by the Ministry of Land and Resources, by the end of 2018, only 401 t of PGMs reserves had been identified.
The event has initially received strong support from many leading companies including Sinopec precious metals, CNOOC precious metals and Sino platinum, and many more domestic and international companies are expected to join, given the widely recognized influence of PMIC, CGA and WPIC in China.
Between 500 and 700 guests are expected to attend the summit in person.
China Gold News, the State-run news agency for China’s precious metals market, has also extended its support to the event, and will manage the media communication and invite between 10 and 30 State and local media representatives to cover the Shanghai Platinum Week.
WHY PLATINUM?
Platinum has long been a vital part of the group of metals referred to as PGMs, which include the likes of palladium, rhodium, iridium, ruthenium and osmium. Together with gold and silver, they are also regarded as precious metals.
Owing to their unique catalytic properties, PGMs have been widely used in industrial sectors such as automotive, petrochemicals, chemicals and glass, and so forth, and are regarded as vital industrial contributors with considerable importance to the world’s economy and to energy saving.
According to the China Shipbuilding Industry Corporation, PGMs have been listed as critical minerals by the US, Europe and Japan, and with China estimated to consume 30% of the global supply, its PGMs use has been extended to many important but lesser known industries.
For example, the industries involved in decarbonisation and new energy vehicles need platinum, iridium and ruthenium as critical catalysts for green hydrogen production and fuel cell vehicles.
In its New Energy Vehicle Industrial Development Plan (2021-2035) published in November 2021, China State Council firmly encouraged Chinese companies to improve their capacity to secure long-term supplies of lithium, nickel, cobalt and platinum.