Russia increased supplies of platinum to China by 279 times
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In January and February 2023, Russia increased supplies of platinum to China by 279 times compared to the same period in 2022 – up to 1.67 tons, in monetary terms – by 265 times (from $0.2 million to $53 million). This follows from the data of Chinese customs, which drew attention RBC.
It follows from the customs data that the supply of Russian palladium to the Chinese market increased by 8.5 times – up to 2.72 tons, in monetary terms – by 5.6 times (from $27 million to $152 million). Deliveries of rhodium, a platinum group metal, increased seven times (from 26.2 kg to 0.19 tons), in monetary terms – six times (from $13 million to $76 million).
However, last year the supply of Russian platinum to China decreased by 33%, to 8.99 tons (in money terms – almost doubled, to $ 280.1 million), palladium and rhodium – increased by 43%, to 9.03 tons (in money +23.6% to $583.8 million) and 67% to 0.52 tons (+13% to $238.5 million), respectively. The Federal Customs Service of Russia does not publish data on exports and imports after due to sanctions imposed after the outbreak of hostilities in Ukraine.
The largest Russian producer of platinum group metals is Norilsk Nickel. The co-owner and president of the company, Vladimir Potanin, told RBC in March 2022 that the company is developing a plan for reorientation to Asian markets.
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