Government regulations will enforce the wider availability of unleaded petrol and all vehicles applying for registration in Shanghai must be equipped with catalysts. More jewellers have acquired the necessary skills and are producing to meet platinum's popularity with wealthier consumers. The need to modernise China's productive base is great and, consequently, industrial platinum demand is strong. Steel says he is reluctant to make too much out of China - in contrast to gold's marketers who punt China as the metal's salvation. However, as Steel notes, Japan has dominated the platinum jewellery market and it remains to be seen whether that love of white metal can in time be transferred to China.
Steel says cost control is uppermost as margins have been squeezed.