铂钯期货系列专题一之中国铂族金属对外依存度日渐升高

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Global PGES resources are unevenly distributed, with high concentration. China's PGES resources are scarce, and its external dependence is increasing. The demand for PGES in various industries in China is growing, especially in the automotive and chemical industries, which will further increase the external dependence [2][23][40] - The Guangzhou Futures Exchange plans to launch platinum and palladium futures in 2025, and the draft contract has been designed to serve industrial hedging [6][50] Summary by Directory I. Introduction to Platinum Group Elements - Platinum group elements (PGES) include six metallic elements in Group VIII of the periodic table. They have similar physical and chemical properties and unique characteristics, which determine their different uses [7] - Globally, PGES deposits can be divided into four major types, with magmatic deposits dominating in terms of reserves and scale. These deposits have characteristics such as strong magmatic rock metallogenic specialization, large resource reserves in large - super large deposits, a specific range of metallogenic epochs, and a tendency for specific metallogenic units [10][11][13] II. Basic Production Process of Platinum Group Metals - The production of platinum group metals involves multiple steps, including mining, beneficiation, smelting, and refining. Flotation is a common beneficiation method, and fire - and wet - smelting are used for separation. The final refining aims to produce pure metals or compounds [18] III. Global Platinum Group Element Resource Reserves and Distribution Characteristics - Global identified PGES resources and reserves are 9.27x104 t and 5.31x104 t respectively. Platinum and palladium resources are mainly distributed in southern Africa, North America, and Europe - the Far East. Africa has the highest concentration, followed by Russia and North America. China has extremely limited PGES resources, with identified resources and reserves accounting for less than 1% of the global total [23][25][26] IV. Supply Overview and Development and Utilization Status of Platinum Group Elements in China - China's identified PGES resources are insufficient to meet economic development needs. The resources are mainly distributed in Gansu, and the deposits are mostly associated with other minerals. The deposits include various types, with copper - nickel sulfide deposits being dominant. However, the ore grade is low, and the metallogenic epoch has a large span [31][32] V. Domestic Demand for Platinum Group Metals (1) Current Consumption Status of Domestic Platinum Group Elements - In the past 10 years, China has become the world's largest consumer and importer of PGES, with an external dependence of up to 98%. The consumption is mainly in the automotive and aviation, jewelry and investment, chemical, electronic, glass manufacturing, modern medical, and other industries. The consumption trends in different industries vary [40][41][42] (2) Domestic Consumption Trends of Platinum Group Elements - In the short - term (2020 - 2023), industries related to PGES consumption are in a weak - fluctuation stage, and after 2024, they will enter a new high - growth phase. In the automotive industry, different types of vehicles have different PGES consumption levels. The consumption of PGES in jewelry, chemical, glass manufacturing, and electronic industries also has different trends [45][47][49] VI. Draft of Platinum and Palladium Futures Contracts of the Guangzhou Futures Exchange - The draft contract includes details such as trading varieties, codes, units, price limits, contract months, trading times, and delivery rules. The contract aims to serve industrial hedging, with features like allowing two forms of delivery (ingot and sponge), considering different purity and impurity requirements, and setting up delivery warehouses across the industry chain [50][53][59]