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
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The autocatalyst and it's potted history
10 May 2024 | Daniel Croft
As autocatalyst recycling volumes have suffered a decline, Daniel Croft examines the current state-of-play of autocatalyst recycling, as part of SFA's annual publication The Platinum Standard.
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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.
Stalling BEV market share and political shifts put the EU’s ICE vehicle ban at risk
17 June 2024 | SFA (Oxford) & Heraeus
Platinum catches a tailwind from stronger rand
21 May 2024 | SFA (Oxford) & Heraeus
Solar silver demand growth to moderate this year but still hit a new record
15 April 2024 | SFA (Oxford) & Heraeus
Palladium demand supported for longer after new US emissions law changes
25 March 2024 | SFA (Oxford) & Heraeus
Platinum price in context, 1975 to 2023
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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 |
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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.
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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.
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Henk de Hoop
Chief Executive Officer
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Beresford Clarke
Managing Director: Technical & Research
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Dr Ralph Grimble
Operations Director
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Lee Hockey
Precious Metals Expert
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Dr Jenny Watts
Head of Clean Energy & Sustainability
![](/media/wmahfu3t/sfa-oxford-team-profiles-jamie-underwood2.jpg?anchor=center&mode=crop&width=160&height=160&format=auto&quality=5&rnd=132930685553130000)
Jamie Underwood
Principal Consultant
![](/media/aaxem4il/rj-coetzee-with-background.png?anchor=center&mode=crop&width=160&height=160&format=auto&quality=5&rnd=133384751417370000)
Rj Coetzee
Senior Market Analyst: Battery Materials and Technologies
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Adele Rouleau
ESG and Critical Minerals Lead
![](/media/tvhk1nff/sfa-oxford-team-profiles-oksan-atilan-image2.jpg?anchor=center&mode=crop&width=160&height=160&format=auto&quality=5&rnd=132930686081700000)
Oksan Atilan
Consulting Automotive Analyst
![](/media/jxvmh1ie/sfa-oxford-team-profiles-alex-biddle-image2.jpg?anchor=center&mode=crop&width=160&height=160&format=auto&quality=5&rnd=132930691055530000)
Alex Biddle
Senior Mining Analyst
![](/media/bailp1ec/sfa-oxford-team-profiles-sandeep-kaler.jpg?anchor=center&mode=crop&width=160&height=160&format=auto&quality=5&rnd=133081695023130000)
Dr Sandeep Kaler
Market Strategy Analyst
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Alexandre Toufic Zard
Analyst
![](/media/2cxhx5hs/sfa-oxford-team-profiles-daniel-croft-image-1.jpg?anchor=center&mode=crop&width=160&height=160&format=auto&quality=5&rnd=132930695462570000)
Daniel Croft
Commodity Analyst
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David Mobbs
Head of Marketing
![](/media/razajrrs/sfa-oxford-team-profiles-joel-lacey.jpg?anchor=center&mode=crop&width=160&height=160&format=auto&quality=5&rnd=133177776510600000)
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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