The Platinum Market
Platinum price drivers
An introduction to platinum
Platinum is the primary revenue driver for South African mines. The metal was used extensively in catalytic converters to control toxic emissions from both gasoline and diesel cars, but over time palladium has increasingly become the metal of choice in gasoline vehicles and has also replaced some of the platinum in diesel cars. Platinum jewellery has become popular in China and its popularity is growing in India, while the use of platinum has continued to be critical in oil refining, glass manufacturing and medical applications. The commercialisation of fuel cells and production of green hydrogen is also a key end-use for platinum.
Platinum price news and insights
SFA's expert view on the palladium price spike
18 December 2023 | Dr Ralph Grimble
The palladium price surged last week due to a convergence of positive factors. The Fed acknowledged the peak in US inflation during its press conference, leading to a more dovish outlook for interest rates and a weaker US dollar, supporting commodity prices.
What does Heraeus’ new catalyst do for Ir and Ru markets?
15 November 2023 | Dr Jenny Watts
On 14 November, Heraeus and Sibanye-Stillwater launched a new electrocatalyst for green hydrogen production by PEM electrolysis. This ruthenium-based catalyst aims to overcome PEM electrolyser industry scaling-up concerns.
It’s safe-haven vs. speculation as gold hits new highs
11 March 2024 | SFA (Oxford) & Heraeus
Cost-cutting is yet to slice into South Africa’s platinum production
26 February 2024 | SFA (Oxford) & Heraeus
Vehicle electrification is not nessesarily one way traffic for PGMs
5 February 2024 | SFA (Oxford) & Heraeus
Palladium's premium to platinum may disappear this year
22 January 2024 | SFA (Oxford) & Heraeus
Platinum price in context, 1975 to 2023
Platinum market balance
koz | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023f | |
Primary platinum supply | |||||||||
Regional | |||||||||
South Africa | 4,265 | 4,385 | 4,470 | 4,405 | 3,260 | 4,715 | 3,980 | 4,105 | |
Russia | 715 | 720 | 665 | 710 | 700 | 640 | 655 | 610 | |
Zimbabwe | 490 | 480 | 465 | 460 | 480 | 470 | 495 | 515 | |
North America | 390 | 360 | 345 | 350 | 330 | 255 | 250 | 260 | |
Other | |||||||||
Total | 6,045 | 6,125 | 6,130 | 6,105 | 4,950 | 6,210 | 5,500 | 5,615 | |
Platinum demand and recycling |
|||||||||
Platinum autocatalyst demand | |||||||||
Gross Pt autocatalyst demand | 3,365 | 3,305 | 3,110 | 2,830 | 2,390 | 2,715 | 2,940 | 3,330 | |
Platinum autocatalst recycling | 1,210 | 1,325 | 1,420 | 1,495 | 1,300 | 1,415 | 1,160 | 1,135 | |
Net Pt autocatalyst demand | 2,150 | 1,980 | 1,690 | 1,335 | 1,090 | 1,295 | 1,780 | 2,195 | |
Platinum jewellery demand | |||||||||
Gross Pt jewellery demand | 2,510 | 2,450 | 2,245 | 2,090 | 1,560 | 1,780 | 1,650 | 1,620 | |
Platinum jewellery recycling | 625 | 560 | 505 | 500 | 410 | 400 | 345 | 345 | |
Net Pt jewellery demand | 1,885 | 1,890 | 1,740 | 1,595 | 1,150 | 1,380 | 1,305 | 1,275 | |
Industrial platinum demand | 1,970 | 1,845 | 1,965 | 2,010 | 1,990 | 2,215 | 2,235 | 2,275 | |
Hydrogen platinum demand | 45 | 50 | 70 | 45 | 45 | 50 | 90 | 110 | |
Other platinum recycling | 25 | 30 | 30 | 30 | 30 | 45 | 40 | 40 | |
Gross platinum demand | 7,890 | 7,650 | 7,385 | 6,975 | 5,985 | 6,760 | 6,910 | 7,330 | |
Platinum recycling | 1,860 | 1,915 | 1,955 | 2,020 | 1,745 | 1,860 | 1,545 | 1,520 | |
Net platinum demand | 6,030 | 5,735 | 5,435 | 4,950 | 4,235 | 4,900 | 5,365 | 5,810 | |
Platinum market balance | |||||||||
Platinum balance (before ETFs) | 15 | 390 | 695 | 1,155 | 710 | 1,310 | 135 | -195 | |
Platinum ETFs (stock allocation) | -10 | 100 | -240 | 995 | 505 | -265 | -565 | ||
Platinum balance after ETFs | 20 | 295 | 935 | 160 | 210 | 1.575 | 705 | -195 | |
Platinum price history | |||||||||
Platinum price (USD/oz) | 1,053 | 988 | 948 | 879 | 864 | 884 | 961 | ||
Platinum price (GBP/oz) | 689 | 732 | 737 | 658 | 677 | 688 | 778 | ||
Platinum price (EUR/oz) | 948 | 892 | 842 | 744 | 772 | 774 | 912 | ||
Platinum price (CHF/oz) | 1,012 | 972 | 934 | 859 | 858 | 829 | 996 | ||
Platinum price (CNY/oz) | 6,609 | 6,560 | 6,046 | 5,805 | 5,92 | 6,091 | 6,461 | ||
Platinum price (ZAR/oz) | 13,355 | 14,480 | 12,620 | 11,579 | 12,488 | 14,458 | 15,699 | ||
Platinum price (INR/oz) | 67,359 | 66,328 | 61,767 | 59,954 | 60,833 | 65,449 | 80,538 | ||
Platinum price (JPY/oz) | 127,334 | 107,056 | 106,347 | 96,998 | 94,166 | 94,371 | 125,939 | ||
Source: SFA (Oxford). Updated September 2022.
Linked platinum market reports
SFA (Oxford) provides regular bespoke market intelligence reports on platinum as well as in-depth studies on recycling, metal flows and price setting.
Meet the PGM team
Trusted advice from a dedicated team of experts.
Henk de Hoop
Chief Executive Officer
Beresford Clarke
Managing Director: Technical & Research
Dr Ralph Grimble
Operations Director
Lee Hockey
Precious Metals Expert
Dr Jenny Watts
Head of Clean Energy & Sustainability
Jamie Underwood
Principal Consultant
Rj Coetzee
Senior Market Analyst: Battery Materials and Technologies
Adele Rouleau
ESG and Critical Minerals Lead
Oksan Atilan
Consulting Automotive Analyst
Alex Biddle
Senior Mining Analyst
Dr Sandeep Kaler
Market Strategy Analyst
Alexandre Toufic Zard
Analyst
Daniel Croft
Commodity Analyst
David Mobbs
Head of Marketing
Joel Lacey
Sales and Marketing Specialist
Platinum market balance
koz | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022f | |
Primary platinum supply | |||||||||
Regional | |||||||||
South Africa | 4,480 | 4,265 | 4,385 | 4,470 | 4,405 | 3,255 | 4,625 | 4570 | |
Russia | 710 | 715 | 720 | 665 | 710 | 705 | 590 | ||
Zimbabwe | 405 | 490 | 480 | 465 | 460 | 480 | 495 | ||
North America | 365 | 390 | 360 | 345 | 350 | 330 | 365 | ||
Other | 200 | 185 | 185 | 180 | 185 | 175 | 160 | ||
Total | 6,160 | 6,045 | 6,130 | 6,125 | 6,110 | 4,945 | 6,235 | ||
Platinum demand and recycling |
|||||||||
Platinum autocatalyst demand | |||||||||
Gross Pt autocatalyst demand | 3,250 | 3,360 | 3,300 | 3,105 | 2,835 | 2,320 | 2,745 | ||
Platinum autocatalst recycling | 1,180 | 1,220 | 1,325 | 1,420 | 1,490 | 1,300 | 1,395 | ||
Net Pt autocatalyst demand | 2,070 | 2,140 | 1,975 | 1,685 | 1,345 | 1,020 | 1,350 | ||
Platinum jewellery demand | |||||||||
Gross Pt jewellery demand | 2,840 | 2,505 | 2,460 | 2,245 | 2,095 | 1,560 | 1,775 | ||
Platinum jewellery recycling | 510 | 625 | 560 | 500 | 500 | 415 | 440 | ||
Net Pt jewellery demand | 2,330 | 1,880 | 1,900 | 1,745 | 1,595 | 1,145 | 1,335 | ||
Hydrogen platinum demand | 25 | 45 | 45 | 70 | 40 | 40 | 75 | ||
Industrial platinum demand | 1,805 | 1,905 | 1,760 | 1,940 | 2,025 | 1,900 | 2,210 | ||
Other platinum recycling | 10 | 5 | 10 | 10 | 10 | 10 | 10 | ||
Gross platinum demand | 7,920 | 7,815 | 7,560 | 7,360 | 6,990 | 5,820 | 6,805 | ||
Platinum recycling | 1,700 | 1,850 | 1,930 | 1,930 | 2,000 | 1,725 | 1,845 | ||
Net platinum demand | 6,220 | 5,965 | 5,665 | 5,430 | 4,990 | 4,095 | 4,960 | ||
Platinum market balance | |||||||||
Platinum balance (before ETFs) | -60 | 80 | 465 | 695 | 1,110 | 850 | 1,175 | ||
Platinum ETFs (stock allocation) | -240 | -10 | 100 | -240 | 995 | 505 | |||
Platinum balance after ETFs | 180 | 90 | 365 | 935 | 125 | 345 | |||
Platinum price history | |||||||||
Platinum price (USD/oz) | 1,053 | 988 | 948 | 879 | 864 | 884 | 1,090 | ||
Platinum price (GBP/oz) | 689 | 732 | 737 | 658 | 677 | 688 | 792 | ||
Platinum price (EUR/oz) | 948 | 892 | 842 | 744 | 772 | 774 | 921 | ||
Platinum price (CHF/oz) | 1,012 | 972 | 934 | 859 | 858 | 829 | 996 | ||
Platinum price (CNY/oz) | 6,609 | 6,560 | 6,406 | 5,805 | 5,972 | 6,091 | 7,033 | ||
Platinum price (ZAR/oz) | 13,335 | 14,480 | 12,620 | 11,579 | 12,488 | 14,458 | 16,092 | ||
Platinum price (INR/oz) | 67,359 | 66,328 | 61,767 | 59,954 | 60,833 | 65,449 | 80,538 | ||
Platinum price (JPY/oz) | 127,334 | 107,056 | 106,347 | 96,998 | 94,166 | 94,371 | 119,574 | ||
Source: SFA (Oxford). Updated November 2021.
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