Experts fear China’s massive platinum imports will lead to global shortage

According to the World Platinum Investment Council (WPIC), China’s massive platinum imports expected in the first half of this year could lead to shortages in other countries around the world. This is because the supply of platinum metal from mining and recycling is greatly reduced.

WPIC’s research director said China imported 1.44 million ounces of platinum in the first half of 2022, but with 645,000 ounces of platinum, it is impossible to track in which area it is used in China. This is partly because China has implemented travel control measures to prevent the spread of COVID-19.

According to the WPIC, it was difficult to track some Chinese imports, although there was reportedly an oversupply of platinum. However, in many areas it was found that there was insufficient quantity to meet demand.

WPIC expects China to increase the use of platinum in catalytic converters for large vehicles. This is due to the fact that the Chinese government is tightening emission standards.

Platinum is a metal used in a wide range of applications from the automotive industry to valuable jewelry.

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