Page 28 - Bullion World Volume 02 Issue 10 October 2022_Neat

Bullion World | Volume 2 | Issue 10 | October 2022

China PGMs Market Summit 2022
Ms Grace-Lin
Manager, China Investor
Development
World Platinum Investment Council

of solid China imports and high
lease rates suggests that, despite
the estimation of a surplus for 2022,
platinum availability in the global
market might be overestimated.

China is the world’s single largest
consumer market for platinum group
metals, accounting for more than
25 per cent of global demand. It has SPW 2022
the largest platinum jewellery market
by annual sales and manufacturing growth in its demand for platinum hydrogen FCEV sedan in China, the
output. It has risen in recent years to and its sister platinum group metals Chang-an SL03, has just finished
be the second largest consumer of (PGMs) in the foreseeable future. testing and is expected to be
platinum in automotive applications launched later this year.
after Europe, mainly due to China 6 In addition to its fast-growing battery
and China VI emissions legislation electric vehicle (BEV) market, Recycling PGMs from spent
for light and heavy-duty vehicles, China has also set up policies and autocatalysts continues to be an
respectively. initiatives to support its development essential source of ongoing supply.
of the hydrogen fuel cell electric In this regard, China has the single
Under its fourteenth five-year plan vehicle (FCEV) market with a focus highest growth rate for PGMs
for 2021-2025, China is committed on fuel cells in the heavy-duty sector, recycling. In February 2022, BASF
to promoting clean, low-carbon including buses and trucks. To and Heraeus, two leading companies
energy sources and efficient energy accelerate the adoption of FCEVs, in the PGMs value chain, agreed
use to ensure peak emissions and China has also introduced incentives to form a joint venture in China
carbon neutrality can be achieved in to develop further the hydrogen that will provide precious metal
2030 and 2060, respectively. value chain, including hydrogen recycling solutions. This will enable
Owing to their unique catalytic transportation and refuelling spent PGM catalysts from China’s
properties and use in proton infrastructure. Beijing is targeting automotive and high-tech industries
exchange membrane (PEM) 1,000 hydrogen refuelling stations to be recovered, which can be
technologies, platinum will continue by 2030, with cumulative FCEV used to make new products for the
to be essential for China to achieve sales reaching one million vehicles automotive, chemical, electronics
its ambitious targets in emissions by 2035. Regarding passenger and green hydrogen industries.
reduction, leading to more robust vehicles, the first mass-produced

28