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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

The Palladium Standard – September 2022

15 September 2022 | Beresford Clarke

SFA (Oxford) launches its 2022 edition of The Palladium Standard featuring articles from James Steel at HSBC and Lakshya Gupta from SFA.

SFA (Oxford) visits ITM Power's gigafactory

2 August 2022 | Henk de Hoop

Some of the SFA hydrogen team visit the ITM Power gigafactory in Sheffield (UK) to see how platinum and iridium are used in electrolysers to drive the green hydrogen economy.

Platinum price in context, 1975 to 2022

The Platinum Market 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.

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

Sandeep Kaler

Industrial Demand Analyst

Yolandé Fourie

Senior Consultant Metallurgist

Nelsa Martins

Senior Technical Consultant

Daniel Croft

Precious Metals Analyst

Stephen A. Forrest

Retired Chairman

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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