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Developments in the China Platinum Market

World Platinum Investment Council – WPIC®

Developments in the China Platinum Market

Two key events occurred in China towards the end of last year. The first was an amendment to Value-Added Tax (VAT) policy which cancelled the 13% VAT exemption on platinum and platinum products at the import stage.

Read the latest WPIC® Report for JPX Group

WPIC’s five-year outlook for the platinum market

How could the outcome of the US Section 232 investigation impact the platinum market?

Why invest in platinum?

Platinum’s attraction as an investment asset arises from the following:

  • WPIC’s research shows that the platinum market has been in sustained deficits every year since 2023
  • A substantial annual surplus would be required to rebuild above ground stocks to sustainable levels and alleviate ongoing market tightness
  • Higher prices are supportive of supply, but there is limited scope to increase mine output in the short term, although there is some upside potential for recycling supply
  • Diversity of end uses and a lack of lower-priced alternatives are supportive of platinum demand despite the price increase
  • The platinum price remains significantly below the price of gold with macropolitical uncertainty supporting the whole precious metals complex

Did you know?

Platinum continues to play a critical role in controlling harmful vehicle emissions.

Our platinum facts infographic highlights the unique properties of this rare metal, which underpin demand for platinum across a diverse range of industries and applications. Learn how platinum supply is scarce relative to other precious metals and why platinum works to improve our world, as well as being the best metal for fine jewellery. Discover more about platinum as an investment asset, including ways to invest in physical platinum.

More Platinum Facts

The World Platinum Investment Council provides insights to advance platinum investment.

Our next Platinum Quarterly report will be published on 18 May 2026. Please subscribe to receive it regularly.