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China Emerges as a Key Pillar of the Global PGM Market: Highlights from Shanghai Platinum Week 2025

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

Marking its milestone fifth successive year, Shanghai Platinum Week 2025 – now a fixture in the second week of July each year – achieved record-breaking attendance, attracting 592 in-person delegates (including 73 international delegates), 291 businesses and organisations, and garnering over 530,000 online viewers.

China Emerges as a Key Pillar of the Global PGM Market: Highlights from Shanghai Platinum Week 2025
Delegates engaging in networking and exploring opportunities during the tea break.
The emphasis on China-Africa dialogue and the involvement of four key PGM producers from South Africa, including Valterra Platinum, Implats, Northam and Tharisa, was also noteworthy. Further, Shanghai Platinum Week has become a draw for the global financial community, with strong attendance by fund managers and finance professionals from the US, UK, Japan, Singapore and South Africa, who gained invaluable insights beyond the PGMs Summit including meetings with the China Society of Automotive Engineers and site visits to automakers, refiners, bar fabricators, jewellery manufacturers and wholesalers in Shenzhen.

Industry Leadership Perspectives

Craig Miller, chief executive officer of Valterra Platinum, delivered his first conference speech in Asia since the company (formerly Anglo American Platinum) was demerged from Anglo American plc on 31 May 2025. He commented:
“Attending Shanghai Platinum Week has highlighted its value for connecting with the PGM market in China, which remains an important focus for Valterra Platinum, reflected in our decision to make Shanghai the location of one of our three international marketing offices. Shaping demand for PGMs through market development remains an integral part of our strategy. Our work as a founding member of the International Hydrogen Fuel Cell Association in China is ongoing and we continue to support the work of the World Platinum Investment Council and Platinum Guild International both here in China and across other regions.”
China Emerges as a Key Pillar of the Global PGM Market: Highlights from Shanghai Platinum Week 2025
From left to right: Weibin Deng, Regional Head of Asia Pacific, WPIC; Craig Miller, Chief Executive Officer, Valterra Platinum; Trevor Raymond, Chief Executive Officer, WPIC

Reflecting on Shanghai Platinum Week 2025, Trevor Raymond, chief executive officer of the World Platinum Investment Council (WPIC), said:

“Platinum demand in China is continuing to expand, as the growth in physical platinum investment we are currently witnessing demonstrates. China has become the number one growth market for platinum bar and coin investment, accounting for 64% of global platinum bar and coin demand in 2024, up from 11% in 2019, as market development initiatives continue to bear fruit. Moreover, that this growth has been strongly supported so far in 2025 by a resurgence of platinum jewellery manufacturing in China, in the wake of the extremely high gold price, has been a major talking point at this year’s event.

“Platinum investment is a natural mechanism for attracting metal into any geography, providing a pool of liquidity to supply future demand. For a strategically important metal, like platinum, which is an essential ingredient for the hydrogen economy and global decarbonisation, this is likely to prove particularly important for major end users, such as China, that do not have meaningful domestic sources of supply beyond recycling.”
Echoing these sentiments, Jonathan Butler, in his capacity as vice chairman of the London Platinum and Palladium Market (LPPM), remarked that China’s demand for platinum is growing steadily, saying, “As the world’s largest consumer of platinum, China’s market demand has far exceeded our expectations.”
Phuti Joyce Tsipa, Consul General of the Republic of South Africa in Shanghai, highlighted in her address that PGMs will play a crucial role as China accelerates its transition toward cleaner and greener energy.
Meanwhile, Zhang Yongtao, Secretary of the Party Committee, vice president, and secretary-general of the China Gold Association, remarked:
“As the world’s largest consumer of PGMs, ensuring supply security, promoting innovation, and building an efficient recycling system are not only key to the sector’s sustainable development but also vital to supporting China’s energy transition and enhancing supply chain resilience.”
In her address on China’s hydrogen energy development, Wang Ju, secretary-general of the International Hydrogen Fuel Cell Association stressed the pivotal role of PGMs across the hydrogen value chain—from production and storage to distribution and application.
Tian Zhijian, director of Fossil Energy and Catalysis Research at the Dalian Institute of Chemical Physics (Chinese Academy of Sciences), discussed PGMs’ critical role in advancing sustainable aviation fuel technologies.

Strategic Partnerships and New Initiatives

Exhibiting for the first time at Shanghai Platinum Week were three major state-owned entities—China Gold Coin Group, China Arts and Crafts Group Corporation (CNACGC), and Chengdu Banknote Printing.
Further, WPIC and CNACGC launched a competition for the design of physical platinum products in China, following the recent completion of a memorandum of understanding between them to create a strategic partnership covering a range of initiatives aimed at advancing CNACGC’s physical platinum investment and collectables business in China.
China Emerges as a Key Pillar of the Global PGM Market: Highlights from Shanghai Platinum Week 2025
The booth of China National Arts and Crafts Group Corporation

Key Shanghai Platinum Week 2025 Takeaways

1. Tariff impact assessment:
The direct impact of tariffs on forecast platinum demand in 2025 is estimated to total only 112 koz, or 1.4% of total demand. The indirect risks through slower GDP growth over the next few years could be more significant in terms of lower automotive and industrial demand, but currently this is being more than offset by the strength in demand for platinum investment and jewellery products as a result of the high gold price, with platinum market deficits entrenched and expected to continue through 2029. The current tariff uncertainty is expected to persist, especially as the market awaits the findings of the US’ Section 232 Critical Minerals Report.

2. Investment and jewellery demand surge:
The strength in demand for physical platinum investment products and platinum jewellery, driven in part by a response to the high gold price, was a much-discussed topic. Sustained demand momentum could add substantially to annual investment demand over five years. Several refineries in China have attained LPPM good delivery status, with several more applications in progress. China platinum jewellery 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. Emission standards impact:
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. Industrial catalyst transition:
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. Hydrogen sector growth:
The Orange Group gave an outlook for the hydrogen sector. Installed electrolysis capacity is forecast to reach 100GW globally by 2030, with platinum-based proton exchange membrane (PEM) electrolysers having a 40% market share and with platinum being included in alkaline electrolysers to improve their efficiency.

China Emerges as a Key Pillar of the Global PGM Market: Highlights from Shanghai Platinum Week 2025
China PGMs Market Summit- Panel Discussion
China Emerges as a Key Pillar of the Global PGM Market: Highlights from Shanghai Platinum Week 2025
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 200 Koz in 2024. 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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Ms Pawan Nawawattanasub

Ms Pawan Nawawattanasub

CEO
YLG Bullion Singapore Pte Ltd

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.

SBMA-Albert-secretariat

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.

SBMA-margare-secretariat

Margaret Wong

BUSINESS DIRECTOR

Margaret Wong, Business Director 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.

SBMA Secretariat-Fabian-Lew

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.

SECRETARIAT SBMA Clara-Chang

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.

SECRETARIAT SBMA-Emily-Oh

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.

Singapore Bullion Market Association Secretariat-Lee-Jia-Yi

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.

SBMA-Shaokai-Fan

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.

SBMA-Committee-Alan-Liew

Mr Alan Liew

Head of Bullion & Commodities Trading
United Overseas Bank Limited
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.

SBMA Committee-KL-Yap

Mr KL Yap

General Manager, Singapore Refining Business Unit
Metalor Technologies (Singapore) Pte Ltd
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.

SBMA Committee-Photo-Vinh-Nguyen

Mr Vinh Nguyen

Head of Precious Metals, Asia
StoneX APAC Pte Ltd

Vinh Nguyen joined StoneX Group in Singapore at the beginning of 2008 and responsible for its APAC precious metals activities since 2019 until now.

SBMA Committee-Photo-Kazuya-Naoki

Mr Kazuya Naoki

Head of Metals, Asia
ICBC Standard Bank Plc, Singapore Branch

Kazuya (Kaz) Naoki is the 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.

SBMA Committee-Photo-Andrew-Clarke

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.

SBMA Committee-Photo-Raman-Walia

Mr Raman Walia

Executive Director, Head of Commodities Sales – APAC
JP Morgan Chase Bank N.A.

Raman is Executive Director and Head of Commodities Sales, APAC, 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.

SBMA-Committee-khun nuttapong

Mr Nuttapong Hirunyasiri

CEO
MTS Gold Global Trading Pte Ltd
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.

SBMA-Committee-Nikos

Mr Nikos Kavalis

Managing Director
Metals Focus Singapore Pte Ltd
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.