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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.

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

Read more

Platinum price in context, 1975 to 2021

The Platinum Market

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.

The Platinum Standard

The Platinum Standard comprises analytical articles on those issues we believe will set the PGM agenda for the years ahead and is released annually in May on the eve of London Platinum Week.

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 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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