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

Russian action in Ukraine and the impact on Nickel
8 March 2022 | Beresford Clarke
Nickel parabolic as conflict leads to colossal short squeeze and suspension of trading.

The impact on PGMs from Russia-Ukraine action
25 February 2022 | Beresford Clarke
Sanctions on Russia could impact PGM supply significantly.
Growing 5G smartphone sales and 5G towers signal more silver demand
28 March 2022 | SFA (Oxford) & Heraeus
Russia-Ukraine conflict puts Pd and Rh automotive demand at risk
21 March 2022 | SFA (Oxford) & Heraeus – Edition 9
Will high US gas prices push people into BEVs and impact PGMs?
14 March 2022 | SFA (Oxford) & Heraeus – Edition 8
Russian invasion could accelerate platinum substitution into autocatalysts
7 March 2022 | SFA (Oxford) & Heraeus – Edition 7
Platinum price in context, 1975 to 2021

Platinum market balance
koz | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021f | |
Primary platinum supply | |||||||||
Regional | |||||||||
South Africa | 3,135 | 4,480 | 4,265 | 4,385 | 4,470 | 4,405 | 3,255 | 4,625 | |
Russia | 740 | 710 | 715 | 720 | 665 | 710 | 705 | 590 | |
Zimbabwe | 405 | 405 | 490 | 480 | 465 | 460 | 480 | 495 | |
North America | 395 | 365 | 390 | 360 | 345 | 350 | 330 | 365 | |
Other | 200 | 200 | 185 | 185 | 180 | 185 | 175 | 160 | |
Total | 4,875 | 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 | 3,240 | 3,250 | 3,360 | 3,300 | 3,105 | 2,835 | 2,320 | 2,745 | |
Platinum autocatalst recycling | 1,250 | 1,180 | 1,220 | 1,325 | 1,420 | 1,490 | 1,300 | 1,395 | |
Net Pt autocatalyst demand | 1,990 | 2,070 | 2,140 | 1,975 | 1,685 | 1,345 | 1,020 | 1,350 | |
Platinum jewellery demand | |||||||||
Gross Pt jewellery demand | 3,000 | 2,840 | 2,505 | 2,460 | 2,245 | 2,095 | 1,560 | 1,775 | |
Platinum jewellery recycling | 755 | 510 | 625 | 560 | 500 | 500 | 415 | 440 | |
Net Pt jewellery demand | 2,225 | 2,330 | 1,880 | 1,900 | 1,745 | 1,595 | 1,145 | 1,335 | |
Hydrogen platinum demand | 25 | 25 | 45 | 45 | 70 | 40 | 40 | 75 | |
Industrial platinum demand | 1,665 | 1,805 | 1,905 | 1,760 | 1,940 | 2,025 | 1,900 | 2,210 | |
Other platinum recycling | 10 | 10 | 5 | 10 | 10 | 10 | 10 | 10 | |
Gross platinum demand | 7,930 | 7,920 | 7,815 | 7,560 | 7,360 | 6,990 | 5,820 | 6,805 | |
Platinum recycling | 2,035 | 1,700 | 1,850 | 1,930 | 1,930 | 2,000 | 1,725 | 1,845 | |
Net platinum demand | 5,895 | 6,220 | 5,965 | 5,665 | 5,430 | 4,990 | 4,095 | 4,960 | |
Platinum market balance | |||||||||
Platinum balance (before ETFs) | -1,020 | -60 | 80 | 465 | 695 | 1,110 | 850 | 1,175 | |
Platinum ETFs (stock allocation) | 210 | -240 | -10 | 100 | -240 | 995 | 505 | ||
Platinum balance after ETFs | -1,230 | 180 | 90 | 365 | 935 | 125 | 345 | ||
Platinum price history | |||||||||
Platinum price (USD/oz) | 1,384 | 1,053 | 988 | 948 | 879 | 864 | 884 | 1,090 | |
Platinum price (GBP/oz) | 839 | 689 | 732 | 737 | 658 | 677 | 688 | 792 | |
Platinum price (EUR/oz) | 1,041 | 948 | 892 | 842 | 744 | 772 | 774 | 921 | |
Platinum price (CHF/oz) | 1,264 | 1,012 | 972 | 934 | 859 | 858 | 829 | 996 | |
Platinum price (CNY/oz) | 8,528 | 6,609 | 6,560 | 6,406 | 5,805 | 5,972 | 6,091 | 7,033 | |
Platinum price (ZAR/oz) | 14,988 | 13,335 | 14,480 | 12,620 | 11,579 | 12,488 | 14,458 | 16,092 | |
Platinum price (INR/oz) | 84,369 | 67,359 | 66,328 | 61,767 | 59,954 | 60,833 | 65,449 | 80,538 | |
Platinum price (JPY/oz) | 146,013 | 127,334 | 107,056 | 106,347 | 96,998 | 94,166 | 94,371 | 119,574 | |
Source: SFA (Oxford). Updated November 2021.

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.

Stephen A. Forrest
Chairman

Henk de Hoop
Chief Executive Officer

Beresford Clarke
Managing Director: Technical & Research

Dr Jenny Watts
Head of Clean Energy & Sustainability

Dr Ralph Grimble
Operations Director

Jamie Underwood
Principal Consultant

Carol Lu
Associate Principal Analyst: China

Thomas Chandler
Principal Market Analyst

Oksan Atilan
Consulting Automotive Analyst

Alex Biddle
Senior Mining Analyst

Yolandé Fourie
Senior Consultant Metallurgist

Nelsa Martins
Senior Technical Consultant

Daniel Croft
Precious Metals Analyst

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