Page 26 - Bullion World Volume 02 Issue 10 October 2022_Neat

Bullion World | Volume 2 | Issue 10 | October 2022

China plays a significant role

in the global Platinum Group

Metals markets

Ms Vicki Barker
Investor Communications Manager
World Platinum Investment Council Platinum Bullion Panda

In its latest Platinum Quarterly In 2021, China imported 3.5 Moz of
report, the World Platinum platinum, over 1.2 Moz more than
Investment Council (WPIC) forecast identified demand in the country.
a platinum market surplus of 974K In the first six months of 2022, this
Koz for 2022, despite an 8% decline pattern continued. China’s excess
in total supply. imports will more than absorb the
surplus forecast for 2022 if they
However, despite the sizeable continue at the rate seen during
surplus suggested by headline the first half of the year, reaching
supply and demand data, market 1.3 Moz annualised, based on
tightness for platinum - as evidenced Bloomberg-reported data.
by lease rates - has been a feature
of the second quarter and seemingly While the high level of imports into
remains ongoing, spurred by China that are well above identified
stronger-than-expected imports of demand is not captured in published
platinum into China. supply and demand data, they are
likely a critical factor that has led
“It certainly is unusual to have such a to elevated lease rates, indicating
large apparent surplus according to market tightness. Lease rates
published data, yet unavailability of peaked at 10% in May, a rate higher
metal in the spot market,” said Trevor than that seen at the height of the
Raymond, WPIC’s Chief Executive pandemic and significantly above the
Officer. ten-year average. The combination

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