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2023 China Precious Metals Industry Conference Minutes
Release time:
30 Jun,2023
2023 China Precious Metals Industry Conference was held in Beijing on June 28-30. The conference, based on the latest status of the industry, deeply analyzed the production and operation, price trends, and structural changes of China's precious metals industry in a green and sustainable way.
According to the conference, the precious metals industry is a niche industry, but it plays an indispensable role in the fields of industry and people's livelihood. Influenced by the all-round economy decline both at home and abroad, the precious metals industry was also in a depression. As a large amount of capital flowing into the market, the production capacity kept expanding in a very fast speed, leading to an intensified competition and a grim situation.
Pure electric vehicles have occupied 20% of the market share of the entire automobile industry, and industrial catalysts have delayed the replacement period. In light of the above situation, PGM consumption decreased by 15 tonnes on a YOY basis. The obvious surplus will push the prices down further, and most attendees were very worried. With the prices going down, recycling enterprises slowed down the purchase and even stopped recycling waste three-way catalysts, as they were unclear about the future price trend. As of the end of the June, the recycling volume of waste three-way catalysts was less than 1,200 tonnes, far lower than the same period last year. It is hard to fulfill the annual target of 12,000 tonnes. The recycling and refining capacity of precious metals exceeded 80,000 tonnes in China in 2023, and it will break 120,000 tonnes in 2024, which is ten times higher than ten years ago. However, the recyclable precious metals waste was only 13,300 tonnes. The profit margins in the three fields of recycling, processing, and trade are about 5 per thousand each, which are in the category list of meager profits. In the long run, it will seriously restrict the healthy development of the industry.
The feasibility, necessity and risks of the listing of platinum and palladium futures were also discussed on the conference. CPMIC fully supported the listing of platinum and palladium futures. In half a year, nearly 30 member companies were arranged to participate in the research organized by Guangzhou Futures Exchange.
In order to change the existing industry pattern, make the industry enterprises get out of the predicament as soon as possible, and develop in a green and sustainable way, three important decisions were made on the conference:
- We will research new application fields of PGM, launch new products, and strive for the development of the entire industrial chain together with relevant scientific research institutions, research institutes and others, to reduce the risk of competition in a single product structure.
- We will launch precious metals industry prosperity index and precious metals scrap recycling price index. China’s precious metals industry is highly concentrated and member enterprises of CPMIC have almost 80% of market shares in the purchase, recycling and trade, so the two above indexes will be made in a scientific and authoritative way.
- We will provide assistance to enterprises in their overseas business development.
China Precious Metal Working Committee of CRRA
June 30, 2023
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