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

Future Minerals Forum 2023 in Saudi Arabia
16 January 2023 | Henk de Hoop, Dr Fahad Aljahdali
SFA (Oxford) attended the Future Minerals Forum in Riyadh, Saudi Arabia. The theme of the forum was to establish a resilient minerals and metals supply.

Long-awaited Euro 7/VII has limited PGM impact
11 November 2022 | Dr Jenny Watts
The Euro 7/VII standards as proposed now are far less of a perturbation on the powertrain, autocatalyst and PGM markets than feared.
The Great Financial Crisis 2.0? Will history repeat itself for gold?
27 March 2023 | SFA (Oxford) & Heraeus
India’s rising passenger vehicle sales to eclipse Japan’s in 2023
13 March 2023 | SFA (Oxford) & Heraeus
Silver solar demand will remain resilient in 2023
27 February 2023 | SFA (Oxford) & Heraeus
The Inflation Reduction Act could help to make the hydrogen economy a reality
6 February 2023 | 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

Dr Jenny Watts
Head of Clean Energy & Sustainability

Jamie Underwood
Principal Consultant

Adele Rouleau
ESG and Critical Minerals Lead

Oksan Atilan
Consulting Automotive Analyst

Alex Biddle
Senior Mining Analyst

Dr Sandeep Kaler
Market Strategy Analyst

Gyubin Hwang
Consultant

Louis Scott
Hydrogen Market and Data Analyst

Nelsa Martins
Senior Technical Consultant

Daniel Croft
Precious Metals 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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