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

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 evolving nature of the PGM markets to 2040
19 October 2022 | Beresford Clarke
Available now, this unique report is an in-depth, forward-looking analysis of the current and long-term trends and influences acting on the global PGM markets to 2040.
Green hydrogen cost will decline steeply as manufacturing base expands
28 November 2022 | SFA (Oxford) & Heraeus
Older cars present a new problem for scrap palladium supply
21 November 2022 | SFA (Oxford & Heraeus
Gold could struggle to make headway until the Fed changes course
10 November 2022 | SFA (Oxford) & Heraeus
Dhanteras, Diwali and dowries may well boost India’s gold demand in Q4’22
31 October 2022 | SFA (Oxford) & Heraeus
Platinum price in context, 1975 to 2022

Source: SFA (Oxford), Bloomberg. Updated September 2022.
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 | 4,705 | 4,370 | |
Russia | 710 | 715 | 720 | 665 | 710 | 705 | 645 | 670 | |
Zimbabwe | 405 | 490 | 480 | 465 | 460 | 480 | 470 | 525 | |
North America | 365 | 490 | 480 | 465 | 460 | 480 | 470 | 525 | |
Other | 200 | 185 | 185 | 180 | 185 | 175 | 125 | 125 | |
Total | 6,165 | 6,045 | 6,125 | 6,130 | 6,105 | 4,950 | 6,270 | 5,990 | |
Platinum demand and recycling |
|||||||||
Platinum autocatalyst demand | |||||||||
Gross Pt autocatalyst demand | 3,245 | 3,350 | 3,295 | 3,100 | 2,825 | 2,390 | 2,695 | 3,025 | |
Platinum autocatalst recycling | 1,185 | 1,210 | 1,325 | 1,420 | 1,495 | 1,300 | 1,1415 | 1,365 | |
Net Pt autocatalyst demand | 2,065 | 2,140 | 1,970 | 1,680 | 1,335 | 1,090 | 1,280 | 1,660 | |
Platinum jewellery demand | |||||||||
Gross Pt jewellery demand | 2,835 | 2,510 | 2,450 | 2,245 | 2,090 | 1,560 | 1,780 | 1,665 | |
Platinum jewellery recycling | 515 | 625 | 560 | 505 | 500 | 410 | 400 | 420 | |
Net Pt jewellery demand | 2,325 | 1,885 | 1,890 | 1,740 | 1,595 | 1,150 | 1,380 | 1,245 | |
Industrial platinum demand | 1,780 | 1,910 | 1,790 | 1,980 | 2,020 | 2,005 | 2,175 | 2,310 | |
Hydrogen platinum demand | 25 | 45 | 50 | 70 | 45 | 45 | 50 | 70 | |
Other platinum recycling | 25 | 25 | 30 | 30 | 30 | 30 | 45 | 40 | |
Gross platinum demand | 7,885 | 7,820 | 7,590 | 7,395 | 6,985 | 6,000 | 6,700 | 7,065 | |
Platinum recycling | 1,720 | 1,860 | 1,915 | 1,955 | 2,020 | 1,745 | 1,860 | 1,820 | |
Net platinum demand | 6,165 | 5,955 | 5,675 | 5,445 | 4,965 | 4,255 | 4,840 | 5,245 | |
Platinum market balance | |||||||||
Platinum balance (before ETFs) | 0 | 85 | 450 | 685 | 1,145 | 700 | 1,430 | 745 | |
Platinum ETFs (stock allocation) | -240 | -10 | 100 | -240 | 995 | 505 | -265 | ||
Platinum balance after ETFs | 240 | 95 | 355 | 930 | 150 | 195 | 1,690 | ||
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 | 6,046 | 5,805 | 5,92 | 6,091 | 7,033 | ||
Platinum price (ZAR/oz) | 13,355 | 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 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 Jenny Watts
Head of Clean Energy & Sustainability

Dr Ralph Grimble
Operations Director

Jamie Underwood
Principal Consultant

Adele Rouleau
ESG and Critical Minerals Lead

Thomas Chandler
Principal Market Analyst

Oksan Atilan
Consulting Automotive Analyst

Alex Biddle
Senior Mining Analyst

Sandeep Kaler
Market Strategy Analyst

Gyubin Hwang
Hydrogen Market 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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