JOHANNESBURG (miningweekly.com) – South Africa’s platinum group metals (PGMs) and China’s green revolution have come together strongly in Shanghai at a hugely opportune time of changing global trading relationships and energy transition.

“When South Africa’s PGMs meet China’s green revolution, it’s more than a fusion of resources and technology. It’s a conversion of destinies,” World Platinum Investment Council (WPIC) CEO Trevor Raymond outlined to the Shanghai Platinum Week, which is under way in China until Friday, July 11.

In addition, South Africa’s Shanghai Consul General Phuti Tsipa highlighted the importance of the merging of the PGMs with which this country has been so abundantly endowed and China’s forceful embrace of these metals that are able to catalyse the cleanest of green mobility and stationary power.

“The importance of strategic, stable, mutually beneficial, diplomatic and trade relations between South Africa and the People’s Republic of China cannot be overstated,” Tsipa emphasised at the well-attended event.

Shanghai Platinum Week was described by South Africa’s Valterra Platinum as a vital platform for industry leaders, experts, and stakeholders to discuss innovation and the future direction of the $24-billion global PGMs market.

“With our industry-leading resource base, competitive cost position and integrated processing capacity, Valterra Platinum is well positioned to support China and the world’s long-term demand growth, whether from the emissions control of today to the energy transition technologies of tomorrow,” the Johannesburg Stock Exchange-listed company outlined on LinkedIn

The global demand for hydrogen is poised to grow more than fivefold in the next 15 years, the Shanghai Platinum Week under way in China was informed.

International Hydrogen Fuel Cell Association’s Wang Ju forecast global hydrogen demand to grow from 98-million tons in 2023 to 123-million tons by 2030 and 550-million tons by 2040.

Ju noted too that heavy-duty vehicles make up 12% of the fleet in China but contribute 55% of fleet emissions.

Zhijian Tian of the Dalian Institute of Chemical Physics, Chinese Academy of Sciences, China highlighted the importance of platinum catalysts for the production of low carbon sustainable aviation fuels (SAF), with every one million tonnes of SAF production capacity requiring hundreds of kilograms of platinum catalysts.

Expanding and innovating platinum market demand was the topic discussed in a panel hosted by Valterra Platinum global sales head David Jollie. One of the points made during the panel discussion was that Chinese recycling companies can profitably recycle lower grade scrap catalytic converters than Western recyclers. As a result, Chinese recyclers are considering expanding overseas as current regulations prohibit the import of this kind of scrap material. In the chemicals space, polyvinyl chloride plastics manufacturers replacing mercury-based catalysts with platinum ones would create a market for 52 t of platinum, the event heard.

Hydrogen Insight reports that Envision Energy has officially commissioned the 500 MW first phase of its 2.5 GW green hydrogen and ammonia plant in Chifeng, China, which is now the world’s largest installed renewable hydrogen project by electrolyser capacity.

The plant, powered entirely off-grid, produced its first molecules in early 2024 from electrolysers made in-house by Envision.

The Chinese company, which made its name by manufacturing wind turbines, plans to begin exporting the green ammonia to customers overseas in the fourth quarter of this year, the online publication reports.

When South African mining companies and fund managers call Shanghai Platinum Week "an unmissable annual event for every PGM professional", it’s the ultimate endorsement, WPIC Asia Pacific regional head Weibin Deng has commented on LinkedIn.

Prominent were Minerals Council South Africa president Paul Dunne, London Platinum and Palladium Market VP Dr Jonathan Butler as well as representatives of South Africa’s PGM mining and marketing companies.

A takeaway from the event is that PGM recycling supply is expected to increase from 33 t in 2024 to 72 t in 2028 in China, where platinum’s diverse properties are increasingly supporting development in markets ranging from fibreglass to investment and jewellery, the sale of which has been rising considerably.

PLATINUM GUILD INTERNATIONAL

Platinum Guild International (PGI), the global marketing organisation dedicated to creating, expanding and strengthening consumer and trade markets for platinum jewellery, singled out China as leading the way in the shift from gold to platinum jewellery.

Sharing findings from the Platinum Jewellery Business Review update for the first quarter of 2025, PGI highlighted robust growth in platinum fabrication, retail sales, and strategic partner performance across key international markets.

“The strong recovery we’re seeing in China’s platinum jewellery market is setting the pace for a broader global resurgence,” says PGI CEO Tim Schlick.

China is witnessing an unprecedented surge of platinum jewellery upstream, delivering a standout performance in the first quarter of 2025, when it outperformed the gold and diamond categories materially, particularly in March when the monthly platinum jewellery fabrication jumped by more than 100% year-on-year.

INDIA, JAPAN, UAE, US

As consumers increasingly seek jewellery at accessible price points globally, platinum is also gaining ground in India, Japan, the US and the United Arab Emirates (UAE). 

“We’re witnessing platinum jewellery reassert its relevance and appeal worldwide,” Schlick pointed out.

In India, PGI’s top 15 strategic partners achieved an average platinum sales growth of 7% year-on-year, supported by a series of in-store activations, digital campaigns such as Platinum Love Bands, and celebrity-driven marketing.

Japan’s jewellery market extended its growth streak to 16 consecutive quarters, with platinum jewellery continuing to outperform the broader market amid consumers showing particular interest in pendants, necklaces, Kihei chains and platinum pieces at accessible price points. 

In UAE, first-quarter platinum jewellery retail sales rose by 25% year-over-year and platinum now has a presence in 136 stores across the Gulf Cooperation Council, where consumer interest continues to rise.

The US's platinum jewellery unit sales increased by 19% year-on-year, while revenue jumped by nearly 24% as consumers focused on fewer but higher-value purchases. Wedding bands and fashion jewellery were standout categories, demonstrating the continued appeal of platinum in meaningful life events. Platinum conversion continues, as some retailers have started to move inventory from white gold to platinum.