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FROM AI TO INVESTMENT:
KEY THEMES FROM SHANGHAI PLATINUM WEEK 2026

By WEIBIN DENG, Regional Head of Asia Pacific, World Platinum Investment Council

With record attendance, further growth in international participation, and an agenda focused on expanding demand in China and beyond, Shanghai Platinum Week is firmly established as one of the most important annual events for the global platinum group metals industry.
Shanghai Platinum Week (SPW) 2026 attracted a record 713 in-person delegates, representing 401 organisations from 19 countries and regions, while online participation exceeded 661,000 viewers. International attendance nearly doubled year-on-year, rising to 145 delegates, while overall attendance was up 30% compared to 2025. The event was held in Suzhou, China, from 6 to 10 July – the first time the event has moved beyond Shanghai since its inception in 2021.
SPW’s record attendance reinforces its status as an essential event for stakeholders across the entire platinum group metals (PGM) value chain, from miners, refiners and recyclers to automakers, catalyst manufacturers, investors, exchanges, banks and policymakers. Founded and organised by the World Platinum Investment Council (WPIC), SPW – in its sixth year – has become an important bridge between China’s rapidly evolving PGM market and the global industry, now standing as one of the three premier global PGM industry gatherings, alongside London Platinum Week and New York Platinum Week.
As the world’s largest consumer of PGMs, developments in China are becoming more important than ever for the global market.

AI emerges as a major new demand segment

The dominant theme of SPW 2026 was AI’s emergence as a major new source of platinum demand. China’s recently launched 15th Five-Year Plan places AI at the centre of national economic and industrial strategy, with almost US$300 billion earmarked for AI infrastructure development.
Conference discussions highlighted the extent to which PGMs are already embedded throughout the AI value chain, from semiconductor manufacturing and thin-film coatings to hard disk drives, printed circuit boards, electronic-grade glass fibres, optical communications infrastructure and advanced sensors. Platinum-based technologies are also expected to play a role in providing resilient power solutions for data centres through hydrogen fuel cell backup systems.
Reflecting this significance, the conference featured a dedicated AI Market and PGM Applications symposium examining how AI’s rapid expansion is generating new demand for PGMs globally.
One of the conference’s key takeaways was that AI-related demand for PGMs remains largely underappreciated by the wider market.
As Trevor Raymond, Chief Executive Officer of WPIC, observed: “The prospect of significant growth from AI-related platinum demand is an overlay that the market is only just beginning to appreciate. Crucially, it has not yet been fully factored into platinum’s supply/demand outlook. Understanding this emerging demand and the additional value it could bring is important for both strategic, long-term investors and also short-term market participants.”

China’s strategic priorities support long-term PGM demand

Shanghai Platinum Week.
Beyond AI, SPW highlighted how PGMs sit at the heart of other strategic priorities outlined in China’s 15th Five-Year Plan. Hydrogen optimism was a particularly prominent theme. The country continues to scale hydrogen production faster than any other market globally, while ambitious fuel cell electric vehicle (FCEV) deployment targets are expected to stimulate demand for platinum-containing proton exchange membrane (PEM) technologies. Conference discussions pointed to a target of around 100,000 FCEVs in China by 2030 (predominantly heavy-duty vehicles) compared with approximately 34,000 FCEVs currently in operation.
Meanwhile, traditional PGM demand drivers such as automotive catalysts remain important. WPIC and the China Society of Automotive Engineers co-hosted a closed-door seminar on the next phase of China’s vehicle emissions standards and global powertrain trends. The anticipated announcement of China VIl regulations next year is expected to be supportive of PGM automotive demand.

China’s PGM investment markets continue to evolve

Following the launch of platinum and palladium futures contracts on the Guangzhou Futures Exchange (GFEX) in late 2025, GFEX has become an effective domestic risk management tool, enabling Chinese end-users to hedge price exposure for the first time.
During SPW 2026, GFEX reported a high degree of correlation with international markets, with institutional investors comprising 61% and 57% of platinum and palladium contracts, respectively, based on open interest data. The first GFEX contracts expired in June 2026, with contract deliveries executed smoothly. Rollovers accounted for 91% and 97% of June volumes for platinum and palladium, respectively. Plans to further internationalise participation could eventually create new arbitrage opportunities and deepen global market liquidity.
Investment demand for platinum in China has expanded remarkably: China has been the world’s largest market for new platinum bar and coin investment since 2023, with bar and coin demand growing from approximately 31,000 ounces in 2019 to more than 400,000 ounces in 2025 –one of the most significant investment developments in the global platinum market.
This trend was underscored during SPW by the announcement of a strategic partnership between WPIC and Beijing Caishikou Department Store Co. Ltd. (Caibai), one of China’s most respected jewellers and precious metals retailers. The agreement will see Caibai stock platinum investment bars for the first time, through a range of seven 30-gram platinum bars. The significance of this development extends beyond the products themselves. As the largest gold bar and coin retailer in northern China, Caibai is adding platinum investment products to an established retail network, reaching customers already familiar with precious metals investing.
Weibin Deng, WPIC’s Regional Head of Asia Pacific, emphasised the importance of the initiative: “Our partnership with Caibai supports WPIC’s broader strategy of expanding platinum investment demand by improving retail accessibility. Caibai’s strong reputation and high footfall provide a compelling platform to introduce platinum to an even wider base of Chinese investors.”
CEO Trevor Raymond noted that WPIC is continuing to work with Chinese banks and fund managers to create additional investment channels, including platinum accumulation plans and exchange-traded funds.
Delegates viewing exhibitor stands at SPW 2026

Supply outlook remains constructive

While much attention focused on demand growth, SPW also provided a platform for leading producers to discuss supply dynamics. Senior executives from major producers including Implats, Northam Platinum, Valterra Platinum and Sibanye-Stillwater highlighted confidence in the long-term outlook for PGMs, while stressing the need for clear demand signals alongside strong balance sheets, continued investment in technology, and regulatory certainty.
The conference also showcased PGM development projects outside southern Africa, including opportunities in Brazil and Australia, which may contribute incremental supply in future years.
At the same time, Raymond emphasised that market fundamentals remain supportive of the investment case for platinum: “On current fundamentals, the value proposition for platinum remains compelling. After three consecutive annual supply deficits, platinum above ground stocks have been depleted to levels below what is considered sustainable for a commodity.”
The conference also demonstrated the global industry’s confidence in SPW as an open and inclusive platform for knowledge exchange. In a dedicated supply/demand outlook session, three leading PGM research organisations – SFA (Oxford), Johnson Matthey and Metals Focus – shared their independent assessments of the medium and long-term supply/demand dynamics for PGMs. With each offering distinct methodological perspectives, their participation underscores SPW’s commitment to fostering transparent, multi-stakeholder dialogue, and its growing stature as a truly international forum where the world’s foremost industry voices convene to shape the future of the PGM market.

SPW 2027 will be held on 5-9 July. For further information visit www.shanghaiplatinumweek.com.

From left to right: Caigang Ning, General Manager, Caibai; Trevor Raymond, CEO, WPIC; and Weibin Deng, Regional Head of Asia Pacific, WPIC.

WEIBIN DENG joined WPIC in 2017 and has played a pivotal role in establishing and growing the physical platinum investment market in China, expanding it from scratch to over 400,000 ounces in 2025. He has also been instrumental in creating and co-hosting the annual Shanghai Platinum Week. Prior to joining WPIC, Weibin gained extensive experience in commodity trading, investment, operations, and risk management while working with global banks in New York and Singapore.

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Mr Bernard Sin

Regional Director, Greater China
MKS PAMP (Singapore) Pte Ltd
Regional Director of Greater China since 2020, and previously Head of Trading. Bernard joined MKS PAMP as a country representative of Singapore in 1996 and moved to Switzerland in 1997. He holds an MBA in International Business from the European University in Geneva. Prior to joining MKS PAMP, Bernard worked 6 years for Standard Chartered Bank in Singapore and Hong Kong as an FX and Bullion Dealer.

Albert Cheng

Chief Executive Officer

Albert Cheng joined the World Gold Council in March 1993 as a Regional Manager, becoming Managing Director, Far East in 2003. He retired at the end of March 2015 and was subsequently named its Advisor. He has also been an International Advisor to the Shanghai Gold Exchange since 2002.

His marketing career began with Dentsu Young & Rubicam, Hong Kong in the early 80’s. He began gold marketing in July 1985 when he joined the Royal Canadian Mint as a Regional Manager for Southeast Asia.

He was appointed honorary CEO of SBMA in November 2015. He is responsible for the success and strategic development of SBMA in partner with the Chairman and the Management Committee. Also, he is responsible for maintaining accountability to and the quality of, the Association’s Membership and the annual Asia Pacific Precious Metals Conference (APPMC) as well as representing the interests of the Association in relation to regulators, investors, media and international precious metal markets, and also responsible for all the legal and regulatory aspects of the work of the Association.

Margaret Wong

Executive Director – Head of Operations

Margaret Wong, Executive Director – Head of Operations at SBMA (Singapore Bullion Market Association), brought valuable experience from her previous role at the World Gold Council (WGC). Her tenure at WGC provided her with extensive exposure to the gold community in Singapore and the broader region. This background has been instrumental in establishing strong working relationships within the industry.

Margaret’s role at SBMA encompasses a diverse range of responsibilities. She oversees office management, business support processes, finance, and administrative functions essential for the smooth operation of the team and management committee. Additionally, Margaret handles membership matters, member communications, and addresses public inquiries related to SBMA.

One of Margaret’s key responsibilities is coordinating with the Event Management Company for SBMA’s prestigious annual event, the Asia Pacific Precious Metals Conference. This flagship conference plays a crucial role in the industry, making her involvement pivotal in its success.

Described as resourceful and self-motivated, Margaret Wong brings a wealth of skills and experience to her role at SBMA, ensuring efficient operations and effective engagement within the precious metals community in Singapore and beyond.

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Fabian Lew

MARKETING & COMMUNICATIONS OFFICER

Fabian was a Business Development and Marketing Associate before joining SBMA. He graduated from Singapore Management University with a Bachelor’s degree in Economics.

He has joined SBMA since February, 2022.

Ms Crystal Xu

Vice President
TD Securities
Based in Singapore, Crystal has over a decade of experience in the metals market, specializing in trading, structuring, and delivering solutions for institutional and commercial clients across Asia. She leads initiatives spanning both physical and derivative products and plays a central role in advancing TD’s regional metals strategy. With deep expertise in market dynamics and strong cross-functional collaboration, she helps drive business growth, product innovation, and risk-informed decision making across the firm’s Asia-Pacific platform.

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Clara Chang

MARKETING & COMMUNICATIONS EXECUTIVE
Clara Chang joins SBMA as the Marketing & Communications Executive, enriching the team with her extensive experience in content creation, social media management, and digital marketing. Prior to joining SBMA, Clara held the position of Marketing Executive at her previous job. She holds two bachelor’s degrees from the University at Buffalo, one in International Trade and another in Geographical Information Science. Her core duties will include maintaining the SBMA website, managing the quarterly Crucible newsletter, among other responsibilities.

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Emily Oh

OPERATIONS & ADMIN EXECUTIVE
Emily Oh is the Operations & Admin Executive, a seasoned professional who values teamwork and effective communication. She is skilled at adapting to new challenges and takes a proactive and resourceful approach to every task. Before joining SBMA, Emily had experience coordinating international travel arrangements and spearheading community initiatives. Her role at SBMA will be providing operational and administrative support for projects and other matters to the team.

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Lee Jia Yi

OPERATIONS & ADMIN EXECUTIVE
Before joining SBMA, Jia Yi worked as an Admin & Reporting Officer in her previous role. She holds a Diploma in Business & Social Enterprise from Ngee Ann Polytechnic. Jia Yi is responsible for managing and maintaining physical and digital files in SBMA, supporting invoicing processes, reconciling receivables and payables, coordinating meetings and conferences. Additionally, she will provide support to the team and assist the Business Director in managing the Association’s office operations and general administrative activities.

Ms Pawan Nawawattanasub

Ms Pawan Nawawattanasub

CEO
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Pawan is the CEO of YLG Bullion Singapore and founder of YLG Bullion International. She has almost 40 years of experience in the jewellery industry and established YLG in Thailand in 2003. In 2012, she brought YLG to Singapore. She sits on the Board of Directors of the Thailand Gold Traders Association, the Thailand Futures Exchange’s Arbitration Committee, and the Rotary Bangkok committee. She holds a master’s degree in Political Science.

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Mr Shaokai Fan

Head of Asia-Pacific (ex China) and Global Head of Central Banks
World Gold Council
Shaokai Fan is the Global Head of Central Banks at the World Gold Council, responsible for advising governments on gold matters, and enhancing the gold market through engagement, dialogue, and thought leadership. He works directly with central banks and sovereign wealth funds on investment considerations. Prior to this position, Shaokai held multiple roles at Standard Chartered Bank, including Director for Asia Strategic Initiatives and Associate-Director for Public Sector coverage. Shaokai holds a Masters of Public Administration from Columbia University and the London School of Economics, and an undergraduate degree in finance and economics from New York University.

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Mr Alan Liew

Head of Bullion & Commodities Trading
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Alan is Head of Bullion and Commodities Trading for Group Trading in Global Markets, United Overseas Bank (UOB). Alan joined UOB and started the bank’s commodities trading business in 2014, previously he spent eight years in Standard Chartered Bank (SCB) trading both precious and base metals. During his tenure at SCB, he obtained the SGE gold trader licence and was part of the pioneering team for the SGE business and the FX quantitative trading team. Prior to trading, he worked for Monetary Authority of Singapore in the Financial Risk Management Division. He holds a BSc (Hon) in Computer Science at National University of Singapore and a MSc in Financial Engineering at Nanyang Technological University.

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Mr KL Yap

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KL YAP is the General Manager of Metalor Technologies (Singapore) Pte Ltd’s Singapore Refining Business Unit. He joined Metalor in 2013, initially in Refining Sales. In 2014, he became Refining Business Unit Manager, leading the development of a new precious metal refinery. KL was Vice Chairman of SBMA from 2017 to 2021, now serving as Chairman. With a degree in business commerce, finance, and marketing, he brings prior experience from refinery and heavy industries.

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Mr Vinh Nguyen

Head of Precious Metals, Asia
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Mr Kazuya Naoki

Managing Director – Head of Metals, Asia
ICBC Standard Bank Plc, Singapore Branch
Kazuya (Kaz) Naoki is the Managing Director – Head of Metals, Asia of ICBC Standard Bank in Singapore and is responsible for the precious & base metals sales and trading in the region. He joined Standard Bank Plc Tokyo Branch in 2008 and was relocated to its Singapore Branch in 2013 whose controlling stake was acquired by the Industrial and Commercial Bank of China in 2015. Prior to joining Standard Bank, Kaz spent 11 years focusing on commodity trading and risk management with Mitsui & Co in Tokyo, Sydney and London. Kaz has been serving on the SBMA Management Committee since 2016.

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Mr Andrew Clarke

Head of Brink’s Global Services
Brink’s Global Services Pte Ltd

Andrew Clarke is the Head of BGS (Brink’s Global Services) for Singapore, Indonesia, Malaysia and Brunei. He has held various leadership positions throughout his career in secure logistics and risk management with Brink’s, which started in Hong Kong in 2010. Andrew relocated to Singapore in 2018 to expand the precious metals line of business along with Brink’s portfolio of services and industries.

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Mr Raman Walia

Managing Director
JP Morgan Chase Bank N.A.

Raman is Managing Director for J.P. Morgan. He joined JPMorgan in 2008 in New York, moved to Singapore in 2011, and helped expand the precious metals business in the region. Raman has an MBA from Cornell University, and likes to travel in his spare time.

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Mr Nuttapong Hirunyasiri

CEO
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Nuttapong Hirunyasiri is the CEO of MTS Gold Group, one of Thailand’s top 10 companies and top 3 bullion companies. He started MTS Gold Group’s first overseas office in Singapore and has been expanding the group business internationally. He focuses on product development and innovation for gold investment, with the aim of being a leader in providing the full suite of gold investment services in the ASEAN region.

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Mr Nikos Kavalis

Managing Director
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Nikos Kavalis is a founding partner of Metals Focus. He has over 20 years of experience in precious metals, having previously worked for the Royal Bank of Scotland and GFMS. Since September 2019, Nikos has been based in Singapore, where he also runs the local subsidiary of Metals Focus.