Further, China is scaling up hydrogen production faster than anywhere in the world. Its 15th Five-Year Plan positions hydrogen as a strategic priority, supported by ambitious fuel cell electric vehicle (FCEV) deployment targets. PGM-based technology is used in both hydrogen production and FCEVs.
Commenting further, Trevor Raymond, Chief Executive Officer, WPIC, said:
“On current fundamentals, the value proposition for platinum remains compelling. The platinum market is forecast to record its fourth consecutive deficit in 2026, leading to further depletion of above ground stocks, with just under three months’ worth of cover to meet global demand now expected by the end of 2026.”
Set alongside the dynamic of continued undersupply in the platinum market is the ability of PGM miners to respond to market demands. Typically, platinum supply is highly price-inelastic in the short to medium term. A significant price increase generally cannot stimulate immediate additional production. This structural rigidity is primarily due to deep-level underground mining operations, multi-year capacity growth lead times, and the concentrated nature of global reserves.
However, discussing platinum supply trends and challenges during SPW 2026, Patrick Morutlwa, Group Chief Operating Officer, Impala Platinum (Implats), was able to offer reassurance in terms of the industry’s ability to meet future demand requirements:
"PGM price cycles can have long 'winters' and short 'summers', but we believe our strong balance sheet and wide suite of quality brownfield projects ensure the sustainability of our refined output to support future demand requirements.”
Meanwhile, SPW 2026 showcased the activities of exploration and development projects outside of Southern Africa that will in time add incremental ounces to platinum supply. Heinrich Müller, Vice President, Technical Services, Bravo Mining Corp., said:
“Bravo’s high-quality orebody in a prime mining region in Brazil de-risks us and is capable of adding new supply to help meet the needs of the medium to long-term demand growth that looks likely in China.”
SPW is a premier annual event dedicated to the PGM industry. Founded and organised by WPIC, SPW serves as a vital global platform for industry leaders, experts, and stakeholders to discuss trends, innovations, and future directions. In 2026, SPW achieved record attendance with a total of 713 in-person delegates, up 30% on the previous year. Within this total, international participation almost doubled year-on-year to 145 delegates.
Other Key SPW 2026 takeaways:
Guangzhou Futures Exchange (GFEX)
Since launching platinum and palladium futures in late 2025, GFEX has become a significant new source of liquidity and price discovery for platinum and palladium, providing, for the first time, a domestic platform through which end-users can effectively hedge price risk. While trading volumes have moderated since listing, open interest remains broadly stable.
During SPW 2026, GFEX shared that it experiences a high degree of correlation with international markets, and that institutional investors comprise 61% and 57% of platinum and palladium contracts, respectively, based on open interest data. Further, the first GFEX contracts expired in June 2026, with contract deliveries (2,276 kg platinum, 2,224 kg palladium) being executed smoothly. The rolling over of contracts accounted for 91% and 97% of June volumes for platinum and palladium, respectively.
PGM production
Commenting on supply trends and challenges, discussion among the leading PGM miners, Impala Platinum, Northam Platinum, Valterra Platinum, and Sibanye-Stillwater, saw three key themes emerge:
- Confidence in the PGMs outlook: participants emphasised the importance of taking a longer-term view, focusing on world class assets and maintaining a strong balance sheet
- Role of technology, innovation, and automation: these can improve operational efficiency and support safer, more resilient, and lower-cost supply – especially through the introduction of automation and new technologies
- Regulatory certainty and long-term customer demand commitments are key for making the capital investment decisions needed to maintain or even grow supply
In contrast, a showcase of junior exploration and established development companies, including Tharisa, Bravo Mining Corp., and Chalice, highlighted the prospect of ex-South Africa incremental supply. Common to all these projects is that they are in supportive jurisdictions which offer both tax breaks and reliable and cost-effective energy supply.
Market and investment outlook
Speaking at SPW 2026, leading market analysts highlighted the extent to which interest rates are currently a defining factor for precious metals pricing, although they anticipate inflationary pressures to ease later in the year and a return to more positive investor sentiment towards precious metals. Ongoing trends that will continue to influence PGM markets include geopolitical risks, strategic stockpiling, regional dislocation, and regional pricing.
China has grown to be the world's largest single market for new platinum bar and coin investment since 2023. This growth has been exceptional, from just under one tonne (c.31 koz) in 2019 to almost 13 tonnes (just over 400 koz) in 2025. New issuance of platinum investment products continues and, during SPW 2026, WPIC and Beijing Caishikou Department Store Co. Ltd. (Caibai) signed a strategic agreement to introduce the first-ever platinum investment bar series to be stocked by Caibai. Caibai is a well-known Beijing destination store, renowned not only for its extensive jewellery collections but also its long-standing offering of physical bullion products, including gold and silver bars and coins; it is the largest gold bar and coin retailer in China’s northern market. The addition of platinum bars to Caibai’s range positions the metal within an already well-established retail investment framework.
Further Reflections on SPW by Trevor Raymond, Chief Executive Officer, WPIC:
“As precious metals markets, including platinum, gold, and silver, become increasingly influenced by macroeconomic trends, central bank policy decisions, and evolving geopolitical dynamics, the need for timely, data-driven market intelligence has never been greater. Market participants are seeking deeper insights and greater transparency to navigate complexity, manage risk, and identify opportunities in a rapidly changing global environment.
“I hold a deep personal conviction that transparency and active communication in financial markets are the keys to unlocking true valuation. SPW is a critical catalyst for that process. It provides Chinese end-users with vital visibility into global supply chains, while giving producers clear insights into China’s long-term material requirements. This mutual clarity is what secures the PGM industry's future.
“WPIC will continue to work with our partners to expand physical platinum ownership. In China, we are immensely grateful to those who have enabled the unprecedented growth in investment demand that has been achieved. Building on this success, we are nurturing relationships with Chinese banks and fund managers that will enable platinum accumulation plans and exchange traded funds to become additional choices for domestic investors.”