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The Platinum Market

Critical Minerals and The Energy Transition

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.

Listen to the latest platinum podcast

SFA's PGM experts, Dr Jenny Watts and Alex Biddle discuss the latest challenges and opportunities facing the PGM market.

Platinum price news and insights

SFA's latest podcast: PGM markets out to 2040

11 November 2024

The latest SFA podcast episode examines how evolving trends in transportation and energy are reshaping the platinum group metals markets.

The squeeze is on: Managing the margins

10 September 2024 | Dr Ralph Grimble

PGM miners’ revenues have collapsed with the fall in palladium and rhodium prices. The little-mentioned chrome has become an important contributor.

Iridium’s outlook linked to hydrogen economy wariness

21 October 2024 | SFA (Oxford) & Heraeus

Where does the palladium market go from here?

23 September 2024 | SFA (Oxford) & Heraeus

Read more

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.

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 Ralph Grimble

Operations Director

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

Daniel Croft

Commodity Analyst

David Mobbs

Head of Marketing

Joel Lacey

Sales and Marketing Specialist

How can we help you?

SFA (Oxford) provides bespoke, independent intelligence on the strategic metal markets, specifically tailored to your needs. To find out more about what we can offer you, please contact us.

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