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Singapore Bullion Market Association

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.