Singapore Bullion Market Association

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PLATINUM CORNER

Platinum Perspectives

Latest Update

16 April 2026

Higher Pgm Prices Support Recycling Supply Growth, But Headwinds Remain

In response to higher prices, recycling is expected to underpin PGM supply growth in 2026f. However, working capital finance headwinds, and trade flow restrictions across the Middle East are emerging risks to our supply growth forecasts. Recycling supply missing projections would continue a trend of it underperforming expectations since 2022, reinforcing recognition of constrained total platinum supply.

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2026

16 April 2026

Higher Pgm Prices Support Recycling Supply Growth, But Headwinds Remain

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2 April 2026

The Iran War’s direct impact on platinum demand appears modest, but higher interest rate expectations and a stronger US dollar could weigh on investment demand

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12 February 2026

Factors Underpinning Platinum’s All Time High Price Remain Entrenched

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15 January 2026

Some exchange stock unwinding possible on US S232 carrot before stick approach, although trade risks persist

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2025

4 December 2025

Fear of Section 232 Outcome in the Us is Key to Pgm Trade Uncertainty and the Availability of Exchange Stocks

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12 August 2025

Platinum ETF selling after c.50% price increase, offset by strength in bar and coin, jewellery, and exchange stocks

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05 August 2025

Deregulating us emissions legislation intends to remove ev mandates and should not negatively impact pgms

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29 July 2025

Platinum market tightness persists, despite etf and exchange stock outflows

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30 May 2025

Chinese Platinum Jewellery Fabrication is Growing Rapidly as Consumers Turn Away From Expensive Gold

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10 April 2025

Structural platinum market deficits will persist despite US tariffs and associated GDP risks

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28 March 2025

Platinum market deficit boosted by tariff-linked exchange stock movements that are unlikely to unwind anytime soon

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7 February 2025

Trump’s policies and the PGM markets Part 3: Rolling back environmental commitments and ‘Drill, baby, drill!’

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2024

28 November 2024

Platinum’s positive price seasonality may be accentuated by recycling supply risks through early 2025

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15 October 2024

Can platinum market deficits be met by ETFs?

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15 August 2024

Policy certainty is accelerating hydrogen electrolyser approvals and supporting platinum’s investment case

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18 July 2024

Shanghai Platinum Week 2024: Key take aways from China’s dynamic platinum market

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19 June 2024

Politics and policy changes could further benefit the investment case for platinum

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04 June 2024

Any delays to forecast recycling recovery will prolong larger deficits in the palladium market

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17 May 2024

London Platinum Week’s key themes risk deepening deficits, supporting the compelling investment case

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02 May 2024

Hybrid and EREV market share growth overtaking BEV supports higher-for-longer automotive PGM demand

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18 April 2024

Latest Russia Sanctions Unlikely to Impact Near-term PGM Markets, but There May Be Longer Term Benefits

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March 2024 (II)

Revised US emission timelines support higher for longer PGM demand

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March 2024 (I)

Platinum’s supply risks cannot be overlooked as PGM prices remain weak and miners reduce capex

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February 2024

With palladium oversold and platinum’s attractive fundamentals, both metals have upside

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January 2024

Platinum for palladium substitution is embedded into automotive demand and unlikely to reverse swiftly

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2023

December 2023 (II)

South Korea’s H2 plans support future platinum demand

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December 2023 (I)

Sustained recycling challenges could deepen platinum supply-demand deficits

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October 2023

Hydrogen Tech Expo: Evidence of growing momentum, with platinum set for key role as a transition metal

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September 2023 (II)

China’s demand for glass fibre to continues to grow, supporting ongoing platinum industrial demand growth

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September 2023 (I)

Punitive tariffs against Chinese automakers could slow European BEV adoption and boost platinum demand

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August 2023

Projected platinum supply/demand deficits should provide price support through economic down-cycle

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July 2023

Shanghai Platinum Week 2023

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June 2023 (II)

Iridium availability is not a bottleneck to PEM electrolyser ramp-up; platinum demand from PEM electrolysers could reach >500 koz p.a. within 10 years

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June 2023 (I)

ETF investment returns: Growing investor appetite for platinum could deepen market deficit

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May 2023

How to solve an almost 1 Moz platinum market deficit

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April 2023

China’s economic data gradually improved each month through Q1, resulting in Q1 2023 GDP growth of 4.5% exceeding consensus forecasts of 4.0%

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March 2023

The significant existing market for grey hydrogen de-risks new green hydrogen projects supporting their growth and associated platinum demand

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January 2023

Electricity shortages may elevate platinum’s historic January/February positive price seasonality in 2023

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2022

December 2022

The nature and size of platinum above ground stocks now locked up in China combined with the 2023 forecast deficit could materially impact price discovery

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November 2022

ETF disinvestment may reflect a change in investor preference to rather own physical platinum

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October 2022

Above ground stocks are not seen as a major headwind to platinum prices as deficits loom

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August 2022

Green hydrogen production and FCEV usage highlight platinum’s role in significantly reducing CO2 emissions

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May 2022

Is there a shortage of platinum in the spot market? Lease and EFP rates suggest there may be

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April 2022

Platinum for palladium substitution makes economic and strategic sense and could take platinum into deficit

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March 2022

European efforts to reduce reliance on Russian gas will accelerate hydrogen use and platinum demand

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February 2022

NYMEX stock outflows continue to respond to physical market tightness from strong China imports

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January 2022 (II)

Faster than expected ACP semi-processed inventory unwind increases the estimated 2021 platinum surplus but reduces the surplus in 2022

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January 2022 (I)

Platinum mining supply will rise back to pre-COVID levels only in 2024 despite high PGM basket prices

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2021

December 2021

Platinum’s demand growth potential suggests a breakout from gold and upward pressure on price

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November 2021

Drivers behind China’s excess import trend could move the global platinum market into deficit

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October 2021

Reduced platinum recycling could help offset chip-related platinum automotive demand losses

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September 2021

Quantifying the impact of semiconductor constraints

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August 2021

Platinum demand upside from higher loadings and rising production of heavy-duty vehicles

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July 2021

Is platinum less available than widely thought?

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June 2021

Investment demand amplifies platinum’s positive fundamental outlook, driving platinum revaluation

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May 2021

Platinum industrial demand, the largest net demand segment, & unsung driver of platinum demand growth

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April 2021

Analysing how platinum replaced palladium in diesel shows 2021 platinum demand could rise by c.100 koz.

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March 2021

In 2021, 400 koz more platinum could replace palladium in addition to the 150 koz of expected ‘substitution’

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January 2021

Despite gold-related volatility, platinum’s demand growth outlook is driving more investor exposure

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2020

December 2020

Physical platinum investment is an essential element in price discovery

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November 2020

China’s renewed appetite for platinum jewellery enhances global platinum jewellery rebound

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October 2020

Platinum’s role in hydrogen and decarbonisation is a big driver of platinum investment demand

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September 2020

Resurgent EU automaker push to sell more diesel cars is a boost for platinum demand growth

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August 2020

The surge in global demand for precious metals highlights platinum’s potential to outperform

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July 2020 (II)

Platinum’s market shortage may not be transient, supporting increased investment demand

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July 2020 (I)

Headline vehicle sales data masks positive platinum automotive demand trends

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June 2020

Unprecedented bar and coin buying in 2020 – on increased global risk – is good for platinum

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April 2020 (II)

Surprisingly, platinum demand will grow from the COVID-19 pandemic and climate change imperatives

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April 2020 (I)

Palladium’s inelastic supply and continued market tightness is driving platinum substitution

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January 2020

Higher diesel sales to reduce massive EU CO2 fines increases platinum demand growth potential

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2019

December 2019

Weaker Chinese jewellery demand is not offset by growth elsewhere, despite the sustained low platinum price.

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November 2019

Platinum recycle supply growth is steady, largely unresponsive to price and unable to compensate for lower mine supply in 2020.

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October 2019

Weakness in auto sales are not a strong reason to expect a PGM price pull back.

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September 2019

Decarbonising Europe

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August 2019

Above Ground Stocks (AGS) increase insight when considering platinum as an investment asset.

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July 2019

Automaker strategies to reduce multi-billion Euro CO2 fines increasingly include achieving higher diesel sales.

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June 2019

Industrial demand has grown at twice the rate of global growth in the last 5 years and is now the largest portion of net platinum demand.Sustainable Shipping

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April 2019

Bar and coin and ETF demand are important to the platinum investment case.

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March 2019

The overall PGM picture looks strong, despite the platinum surplus.

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February 2019

Platinum provides some diversification benefit for portfolios.

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January 2019

Sustained palladium futures curve backwardation has ramifications for platinum.

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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.

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

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.

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.

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-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

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.

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

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.

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.