China's Platinum imports rise 61% y/y to 248.7 Koz in October

CHINA November 28 2013 11:09 AM

 

BEIJING (Scrap Register): China's Platinum imports rose by 61% year-on-year to 248.7 kilo ounce in October this year but fell by 27% as compare to previous month.

 

According to Barclays, platinum imports have remained above the 200koz mark since March and even though imports into Hong Kong has eased modestly combined imports over the first three months of the year are up 9% y/y while imports into China alone are up by 15% y/y for the year to October.

 

Johnson Matthey estimate China’s total demand to rise by 3% y/y in 2013 but its platinum jewellery to ease to 1.85mn, down 5%. 

 

In our view, given the strength in the recent import data and the continued strength in volume traded on the Shanghai Gold Exchange, we believe jewellery demand has scope to match last year’s levels, Barclays concluded.