The 18th China Precious Metals Industry Development Forum, hosted by CPMIC, took place successfully in Xi’an from November 13th to 15th, 2024. The event attracted over 300 participants from various companies across the precious metals industry in China. The forum covered a wide range of topics, including new environmental policies for the PGM recycling industry, PGM applications in catalysts, the impact of China’s new energy vehicles on PGM demand, global PGM market analysis, and discussions on the upcoming platinum and palladium futures market by the Guangzhou Futures Exchange, etc.
A dedicated session was provided for WIPGMs to promote its platform, encouraging more women in the industry to join the mentorship program. Mr Bain, Vice President and Secretary-General of CPMIC, concluded the forum with a comprehensive report on the current state and future outlook of China’s recycling industry.
Mr Bain stated that the recycling volume of platinum group metals (PGMs) is expected to experience explosive growth after 2024, driven by the increasing recovery of used catalytic converters. Under the influence of trade-in policies, this growth is projected to exceed previous estimates by 10-15%. We forecast that by 2028, China’s PGM recycling volume will reach 72 tons. However, with the rapid rise of electric vehicles, the growth rate is expected to slow by 2031. Nevertheless, as catalytic converters compliant with the China 6 emission standard reach the end of their life cycle and enter the recycling market, PGM recycling is expected to rebound in 2032, potentially reaching 87 tons, according to our analysis.
Mr Bian further pointed out the problem of domestic production saturation and called for “innovation in application, overseas expansion and global collaboration.