Page 16 - Bullion World Volume 5 Issue 08 August 2025

Bullion World | Volume 5 | Issue 08 | August 2025

Key SPW 2025 takeaways from WPIC: with platinum-based proton exchange membrane
1. 1. The direct impact of tariffs on forecast platinum (PEM) electrolysers having a 40% market share
demand in 2025 is estimated to total only 112 koz, and with platinum being included in alkaline
or 1.4% of total demand. The indirect risks through electrolysers to improve their efficiency.
slower GDP growth over the next few years could
be more significant in terms of lower automotive Reflections on Shanghai Platinum Week by Trevor
and industrial demand, but currently this is being Raymond, Chief Executive Officer, WPIC:
more than eclipsed by the strength in demand for “This year we were delighted to welcome more
platinum investment and jewellery products as a overseas interest than ever before, noting the
result of the high gold price, with platinum market emphasis on China-Africa dialogue and the
deficits entrenched and expected to continue involvement of four key PGM producers from South
through 2029. The current tariff uncertainty is Africa, including Valterra Platinum, Implats, Northam
expected to persist, especially as the market and Tharisa. Further, Shanghai Platinum Week
awaits the findings of the US’s Section 232 Critical is a draw for the global financial community, with
Minerals Report. strong attendance by fund managers and financial
professionals from the US, UK, Japan, Singapore and
2. The strength in demand for physical platinum South Africa who gained invaluable insights from the
investment products and platinum jewellery, China Association of Automotive Engineers and during
driven in part by a response to the high gold site visits to an automaker as well as refiners, bar
price, was a much-discussed topic. Sustained fabricators, jewellery manufacturers and wholesalers in
demand momentum could add substantially to Shenzhen.
annual investment demand over five years. Several
refineries in China have attained accreditation “Platinum demand in China is continuing to expand,
from the London Platinum and Palladium Market, as the growth in physical platinum investment we are
or LPPM good delivery status, with several more currently witnessing demonstrates. China has become
applications in progress. China platinum jewellery the number one growth market for platinum bar and
demand has been led so far by wholesalers
commissioning fabrication and making stock
available for sale to smaller wholesalers and
retailers. The range of platinum jewellery available
reflects gold jewellery designs that have sold
well in recent years. Sustained retail sales of this
newly available platinum jewellery could drive a
significant increase in annual demand in 2026 and
beyond.

3. China VII/7 emissions standards will be authorised
in 2026 and introduced soon after. The inclusion of
cold start and real-world driving tests are expected
to initially result in upside to PGM loadings per
vehicle.

4. Globally, polyvinyl chloride (PVC) manufacturers
need to phase out the use of mercury-based
catalysts by 2030. A transition to a platinum-based
catalyst is the most likely alternative option, which
could provide a significant boost to platinum
demand.

5. The Orange Group gave an outlook for the
hydrogen sector. Installed electrolysis capacity
is forecast to reach 100GW globally by 2030,

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