China's platinum grab threatens South African supply

Chinese refiners are pulling unprecedented volumes of platinum through the new Guangzhou futures contracts, with one major processor reporting triple the normal demand since November's launch. The contracts accept Chinese-specific grades like platinum sponge, unlike London Metal Exchange standards, creating a direct supply channel that bypasses traditional Western pricing. South Africa supplies 75 percent of global primary platinum, but China's strategic mineral classification and domestic futures now offer Beijing leverage over the $30 billion market. Expect supply tightening as Chinese institutions build reserves ahead of hydrogen infrastructure scaling.