铂钯系列（四）：中国铂族资源格局

Group 1: China's Platinum Group Resources Pattern 1.1 China's Platinum Group Resources are Extremely Scarce and Concentrated - In 2022, China's platinum group metal reserves were 80.9 tons, and the resource reserves have been continuously declining [1]. - China's platinum group metals are mainly distributed in Gansu, Yunnan, Hebei, Sichuan, Xinjiang, and Qinghai, with Gansu having the largest reserves of 56.3 tons, accounting for nearly 70% of the country's total [1]. - Over 80% of China's platinum and palladium ore production comes from the sulfide copper - nickel ore in Jinchuan, Gansu [1]. 1.2 China's High Dependence on Imports of Platinum Group Resources - China's platinum and palladium metal reserves are less than 0.1% of the global total, and the platinum group metal ore production is extremely low. In 2024, China produced and sold 4.9 tons of platinum and palladium metals [5]. - The import dependence on platinum and palladium resources is high. In 2024, China imported 104.1 tons of platinum under 3 tax numbers, with 83% being unforged platinum and platinum powder, and 79% through general trade [5][8]. - In 2024, China imported 28.1 tons of palladium under 3 tax numbers, with 94% being unforged palladium. The main trade methods were customs - special - regulated area logistics goods (57%) and general trade (33%) [12]. - The recycling of platinum group metals is important, but in 2023, the recycling volume declined significantly due to policy issues. In 2024, the recycling volume increased, with 11.6 tons of platinum and 20.8 tons of palladium recycled, for a total of 32.4 tons [5]. 1.3 China's Demand for Platinum Group Metals - In 2024, China consumed 64.4 tons of platinum, a year - on - year decline of 3.1%. In the automotive catalyst field, platinum consumption was 16.5 tons, a year - on - year decline of 13.6%. In the industrial field, 29.2 tons of platinum were used, a year - on - year decline of 0.7%. The glass industry became the largest end - use field for platinum in China in 2024 [17]. - In 2023, China's actual demand for palladium was 68.9 tons, a year - on - year decline of 19.4%. In 2024, palladium consumption in the automotive catalyst field decreased by 21.98% to 57.5 tons. Electronic field palladium consumption decreased slightly by 1.2% to 8.5 tons, and chemical field palladium consumption declined by 15.6% to 2.7 tons [23]. Group 2: Global Palladium Production and Recycling Forecast - In 2024, the global palladium production increased by 0.7 tons year - on - year to 25.6 tons, with a recycling ratio of 28.5%. The global palladium ore production increased by 0.6% year - on - year to 183.4 tons in 2024, and is expected to decline by 5% year - on - year to 174.8 tons in 2025 [2]. - In 2024, the palladium recycling volume decreased by only 0.6% year - on - year to 73.1 tons. In 2025, Heraeus expects the annual palladium recycling volume to increase by 5% year - on - year to 76.7 tons [2].