In the first five months of 2026, China imported $1.39 billion worth of platinum from Russia, up from $255 million the year before. This represents a nearly 5.5-fold increase.
According to data from the General Administration of Customs of the People's Republic of China, the volume of shipments from January to May exceeded the entire 2025 figure, when Russian platinum exports to China were valued at $1.33 billion.
In May 2026 alone, platinum shipments reached $180 million, compared to only $22 million in May of last year.
Experts attribute this to several factors. First, China is actively expanding automobile production, including hybrid models and vehicles with internal combustion engines, where platinum and palladium are used in catalytic converters. Second, demand from the chemical industry and electronics manufacturers is growing. Third, Beijing is seeking to strengthen its control over the supply chains of critical materials amid intensifying technological competition with the United States.
For Russia, increasing supplies of platinum and palladium is becoming part of a broader trend of reorienting foreign trade toward Asian markets, Interfax notes.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
