Chinese imports of Platinum grow PT.

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Chinese imports of Platinum grow

As per the latest reports released by Bloomberg, the total Chinese imports of Platinum in the calendar year 2010 rose by more than 40% over the import levels of the year 2009. This has lead to a great shortage in the supply of the precious metal that is 15 times rarer than gold. With hardly and new deposits found that are exploitable in the current times, the prices of platinum are headed in a North direction. The economic development in the developing world, especially in counties with fast growing economies has increased platinum demand dramatically. This is very evident from what we have seen from the statistics coming in from China. The total mining supply of platinum continues to be stable at about 7 million ounces per annum. More than 70% of this comes from commercial platinum mines in South Africa. The remaining is sources from productions in Russia, North America and the rest of platinum productions around the world.

26th January 2011 Wed PT

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