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
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.
What does Heraeus’ new catalyst do for Ir and Ru markets?
15 November 2023 | Dr Jenny Watts
On 14 November, Heraeus and Sibanye-Stillwater launched a new electrocatalyst for green hydrogen production by PEM electrolysis. This ruthenium-based catalyst aims to overcome PEM electrolyser industry scaling-up concerns.
It’s safe-haven vs. speculation as gold hits new highs
11 March 2024 | SFA (Oxford) & Heraeus
Cost-cutting is yet to slice into South Africa’s platinum production
26 February 2024 | SFA (Oxford) & Heraeus
Vehicle electrification is not nessesarily one way traffic for PGMs
5 February 2024 | SFA (Oxford) & Heraeus
Palladium's premium to platinum may disappear this year
22 January 2024 | SFA (Oxford) & Heraeus
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.
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.
The PGM Quarterly Market Report and Price Outlook
Released every three months, this price risk-focused report details-impacting factors for platinum, palladium and rhodium markets for the next three years.
PGM Market Report and Price Outlook to 2040
Our highly detailed market view provides current and long-term trends and influences acting on the global PGM markets.
Green Hydrogen Metals Market and Price Outlook
A proprietary report unlocking the current and future demands for precious metals (Pt, Ir, and Ru) used in electrolysers and fuel cells for the hydrogen economy.
Heraeus Precious Appraisal and Market Spotlights
In collaboration with Heraeus, this weekly report makes sure all the key precious metal and macroeconomic developments are fully analysed by the SFA team.
Joining the Dots between the PGM markets & prices
Unrivalled insights and definitive answers to PGM purchasing dynamics, metal flows, trading and pricing factors affecting platinum, palladium and rhodium.
Spent Autocatalyst PGM Recycling Mapped
A comprehensive study of recycled autocatalysts from scrapyards, collection, decanners, smelting and refining players, technology developments and economics.
PGM Waste Streams Quantification and Audit
A detailed look at the precious metals recovered from PGM processing plant waste streams at concentrators, smelters and refineries, and tailings dams.
Evaluation of PGM Processing Utilisation
SFA's advanced mineral processing assessment offers offtake opportunities into existing PGM smelting, base metals and precious metals refining facilities.
Global PGM Project Monitor Outlook
DCF scenario modelling analysing the attractiveness of global PGM projects based on incentivised PGM pricing which can motivate new supply.
Long-term PGM Supply Appraisal Outlook
An evaluation on future platinum, palladium and rhodium supply risk from mines and projects around the world, and the economic cost of production.
Global PGM Mine Depletion Assessment
Analytics on the PGM primary production landscape, assessing estimated depletion rates of mines and projects, forecasting ounce loss.
North America PGM Market Outlook
An assessment of PGM purchasing, trade flows and end-use consumption as well as mapping key industry players for strategic investment.
China PGM Market Outlook
Bottom-up evaluation of the precious metals trading environment, regulatory framework, end-use markets, recycling volumes and key players.
Southeast Asia PGM Market Outlook
A critical impact study of PGM consumption by country of major-end uses, and future metal requirements by company.
India PGM Market Outlook
Detailed market intelligence on PGM demand and supply, major players and the recycling market to assist strategic planning.
Northern Hemisphere PGM Processing Report
Processing analytics, capacity utilisation rates, logistical flows and plant feeds for the PGM smelters, and refineries of North America, Europe and Russia.
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
Lee Hockey
Precious Metals Expert
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
Alexandre Toufic Zard
Analyst
Daniel Croft
Commodity 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.
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.