RBC: Russia in January-February increased the supply of platinum to China by almost 300 times
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Chinese imports of platinum from Russia in January-February increased 279 times year-on-year in physical terms (from 5.99 kg to 1.67 tons) and 265 times in monetary terms (from $0.2 million to $53 million). About it writes RBC with reference to the data of the General Administration of Customs of the People’s Republic of China.
At the same time, palladium supplies increased by 8.5 times and amounted to 2.72 tons, and in monetary terms – by 5.6 times (from $27 million to $152 million). Rhodium deliveries in physical terms increased sevenfold, to 0.19 tonnes, and sixfold in value terms, to $76 million.
In 2022, the physical volumes of supplies of platinum from the Russian Federation fell by 33% (to 8.99 tons), while in monetary terms they almost halved, to $280.1 million. Last year, palladium supplies increased by 43% and amounted to 9 .03 tons (in money – $583.8 million + 23.6%), and rhodium – by 67% – up to 0.52 tons ($238.5 million, + 13%).
Norilsk Nickel declined to comment on the Chinese customs data, calling this information commercially sensitive. At the same time, in the summer of 2022, the co-owner and president of Norilsk Nickel, Vladimir Potanin, said that due to the “sanctioned headwind”, the company was forced to reorient part of its supplies to Asian markets. The share of Europe in the total revenue of the company at the end of 2022 decreased from 53% to 47%, while the share of Asia increased from 27% to 31%.
How wrote Earlier, Vedomosti, citing data from the World Platinum Investment Council (WPIC), the global deficit of platinum in 2023 will be 303,000 ounces. At the same time, the demand for it will grow by 19%, while the supply will increase by only 2%. But industrial demand for platinum will still grow by 10% compared to 2022. They also noted that in 2022, Chinese platinum imports significantly exceeded demand.
Russia, according to the Dutch bank ABN Amro, accounts for 11% of the world’s platinum production (19,000 kg out of 180,000 kg), making it the second largest producer in the world after South Africa. But in the context of global deliveries of the precious metal, the share of MMC “nornickel» even more – about 40%.
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