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Shanghai Platinum Week: Strengthening China’s Links with the Global PGM Market

By Weibin Deng, Head of Asia Pacific, World Platinum Investment Council

China’s affinity for platinum is indisputable – the country is the world’s largest consumer of platinum and the largest market for platinum jewellery. Imports of platinum into China reached 3.5 million ounces in 2021 – over 1.2 million ounces larger than identified platinum demand in the country.

Platinum is valued for both its precious metal and industrial metal status. Its physical and catalytic properties mean that it is widely used in a range of industrial applications that are central to the global economy. It is perhaps best known for its use in auto catalysts in diesel vehicles – the number one global source of demand for platinum. Platinum is also used as a catalyst in the petrochemical sector and in the production of nitric acid, a key feedstock of fertiliser.

Increasingly, the role platinum catalysts can play in enabling the hydrogen economy is being recognised, especially as “green” hydrogen initiatives are gaining momentum. Platinum-based proton exchange membrane (PEM) technology is used in both hydrogen fuel cells to power fuel cell electric vehicles (FCEVs) and PEM electrolysers which, when powered by renewable electricity, produce carbon-free green hydrogen. Growth in hydrogen applications could lift annual platinum demand by over 3 million ounces by 2035, a major increase from annual demand levels of around 8 million ounces today.

Platinum is recognised as a metal of strategic importance by the government in China for its use in proton exchange membrane (PEM) technologies. Along with lithium, nickel and cobalt, platinum is specifically mentioned in the China State Council’s New Energy Vehicle Industrial Development Plan (2021–2035), which encourages Chinese companies to improve their capacity to secure long-term supplies of these rare and in-demand elements.

Plans set out by the government in China, including the New Energy Vehicle (NEV) Industry Development Plan (2021–2035) and Energy Saving and NEV Technology Roadmap 2.0, are aimed at stimulating the country’s overall market for zero-emissions electric vehicles, including both battery electric vehicles (BEVs) and fuel cell electric vehicles (FCEVs). By 2035, the market share of NEVs in China is expected to exceed 50 percent. Growth in FCEVs is expected to be led by the heavy-duty vehicle segment, including trucks and buses.

At the local level, more than 20 regions in China have so far issued phased plans for the promotion of FCEV deployment. Shanghai, for example, has recently proposed a 2023 target of 100 hydrogen refuelling stations, 100 billion yuan of industry output, 10,000 FCEVs deployed. In Nanjing, the Lishui Economic Development Zone has an objective of deploying a 300-vehicle hydrogen fuel cell bus fleet.

The recent Beijing Winter Olympics showcased China’s commitment to FCEVs. Over 850 PEM hydrogen fuel cell buses were used across the event to transport participants around the main competition site, Zhangjiakou, and the alpine competition zone at Yanqing.

Inaugural Shanghai Platinum Week, 2021

In June 2021, the World Platinum Investment Council (WPIC), which was formed by the leading platinum producers in 2014 to develop the market for platinum investment demand, initiated and jointly hosted the inaugural Shanghai Platinum Week, together with China Gold Association and China Precious Metals Industrial Committee. Shanghai Platinum Week 2021 consisted of several satellite events with a two-day central summit focused on the platinum group metals (PGMs) market in China. It received strong support from leading companies in the PGMs value chain, including WPIC members as well as BASF, Johnson Matthey, Chinese PGM fabricators and major banks and traders. In recognition of South Africa’s regional importance to the PGM market – 72% of the world’s annual platinum production comes from there – the South African ambassador to Beijing delivered opening remarks to the summit alongside the South African government’s Minister of Mineral Resources and Energy.

Overall, the event was extremely well supported, with nearly 800 in-person attendees and more than 40,000 attendees online.

Shanghai Platinum Week 2022

Inspired by the success of last year’s event and encouraged by positive feedback from attendees, WPIC and its partners are delighted to be reprising Shanghai Platinum Week in 2022. Indeed, it is hoped that it will become a regular fixture in the PGMs industry’s calendar as a means of further enhancing the links between China and the important PGM markets.

Shanghai Platinum Week 2022 is due to take place in the last week of June, again as a dual in-person and virtual event, with in-person attendance available to residents of China. The event already has the support of key players including LPPM, Anglo American, BASF, Johnson Matthey and PGI. Details of how to register to attend will be released in due course at www.shanghaiplatinumweek.com, which is currently under development.

WPIC is proud to be playing a leading role in Shanghai Platinum Week, bringing together participants in the platinum and PGMs market to broaden co-operation and understanding as well as supporting market development here in China, and beyond.

WEIBIN DENG is the head for Asia Pacific at World Platinum Investment Council (WPIC). He joined WPIC in 2017 and set up the WPIC China office in Shanghai. WPIC has grown to be a leading organisation in China for platinum market research and investment development over the past few years. It has partnered with various domestic institutions in developing China’s platinum investment market. Deng previously worked in New York and Singapore for more than 10 years, serving global banks in the commodities market.

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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.

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OPERATIONS & ADMIN EXECUTIVE
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Clara Chang

MARKETING & COMMUNICATIONS EXECUTIVE
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Mr John Levin

Global Metals
TD Securities
John Levin is the Head of Metal Sales & Trading – APAC at the Toronto Dominion Bank’s Singapore office. Prior to this role, he devoted seven years to leading precious metal sales for the ANZ banking group in his home country, Australia. Notably, from 2009 to 2011, John played a significant role on the management committee of the London Bullion Market Association while serving as the Head of Precious Metals Sales for HSBC Global Banking and Markets in the UK.

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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.

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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.

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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, represents the interests of the Association, and is responsible for all the legal and regulatory aspects of the work of the Association. He is the primary contact for regulators and government bodies on bullion market development.

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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.

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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
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.

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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.

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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.

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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.

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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 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.

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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.

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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.