Shanghai Platinum Week 2024 is a significant event in the global platinum group metals (PGMs) industry. It emphasizes China’s role as a major player in the platinum market and is scheduled from July 8 to 11, strategically placed between London Platinum Week and New York Platinum Week. This event aims to provide a comprehensive view of China’s rapidly expanding market, where the demand for platinum applications is experiencing substantial growth.
China is the world’s largest consumer of PGMs and is ahead of other major economies including the US, in vehicle manufacturing, which is a key sector for platinum usage. The Shanghai Platinum Week seeks to bridge the gap between China’s extensive use of these precious metals and the global supply chain. Trevor Raymond, CEO of the World Platinum Investment Council (WPIC), highlighted the significance of this gathering in an interview, stating that it will help in understanding and leveraging China’s burgeoning market potential for PGMs, including not only platinum but also palladium and rhodium.
The event coincides with China’s aggressive decarbonization targets set for 2060, underlining the country’s commitment to reducing carbon emissions. Platinum plays a crucial role in various green technologies, particularly in hydrogen energy production and fuel cells, areas expected to feature prominently during the event. Last year’s Shanghai Platinum Week attracted over 1,200 delegates and 180,000 online attendees, demonstrating the high level of interest and investment in platinum technologies within China.
This year, the agenda will heavily feature discussions on hydrogen technologies and extended-range electric vehicles (EREVs), which incorporate internal combustion engines alongside batteries to extend travel range without frequent recharging. These vehicles, which can travel approximately 1,000 km on a full charge and tank, rely on PGMs for their exhaust treatment systems, making them a pivotal topic for discussion in terms of environmental impact and platinum usage.
Beyond its industrial applications, platinum is also regarded as a valuable component of investment portfolios, particularly in retirement planning. The absence of native platinum mines in China positions imported platinum as a strategic asset, prompting WPIC to advocate for increased local holdings of the metal to bolster the industrial and economic utilization of platinum.
The Shanghai Platinum Week will not only facilitate discussions on market insights and technological advancements but also provide valuable networking opportunities. Attendees this year will include major industry players such as Anglo American, and Northam Platinum, and significant financial institutions like the Bank of Montreal and the Chicago Mercantile Exchange. Post-event activities include visits to local hydrogen companies and meetings with Chinese policymakers, offering international participants a closer look at China’s rapidly evolving energy sector.
The Shanghai Platinum Week serves as a critical platform for global stakeholders in the platinum industry to gain direct access to the Chinese market, understand its dynamics, and discuss key trends affecting the global demand for platinum. By providing a venue for such high-level engagement and discussion, the event supports the global PGM industry’s growth and integration into Chinese industrial policies and practices.
As the date approaches, the excitement builds for what is expected to be a highly informative and strategic gathering, illuminating the paths of both current and future uses of platinum in global industries and investments. The event promises to offer insights that are not only beneficial for investors and industry stakeholders but also pivotal for shaping the future of platinum-related technologies and their role in a sustainable world.
Source: Mining Weekly
