Platinum Quarterly examines Q1 and provides forecast for 2024
Key information from the report is highlighted below:
- Forecast platinum market deficit for full year 2024 revised upwards to 476 koz
- Total platinum supply in Q1’24 the second lowest in our time series, with full year 2024 also forecast to be a near-record low
- Automotive demand at a seven-year high in both Q1’24 and for forecast full year 2024
- Jewellery demand increased 5% in Q1’24 driven by 53% year-on-year growth in India
- Industrial demand fell from a record high in 2023, yet remains 17% above the pre-COVID average
- Investment demand set to remain positive in 2024 for second consecutive year, supported by bar and coin demand in China
- Above ground stocks forecast to hit a four-year low for full year 2024
Global platinum demand in Q1’24 rose quarter on quarter to 1,994 koz, as an upswing in jewellery demand added to steady demand growth in the automotive sector. Meanwhile, total platinum supply fell to 1,625 koz, its second lowest level in our time series as mining and recycling supply remain depressed. This resulted in a market deficit of 369 koz.
For the full year, total supply is expected to remain flat on the weak levels of 2023 at 7,111 koz, with an improvement in recycled supply (+ 5%, +85 koz year-on-year) offset by a 3% decrease in mined supply (-147 koz to 5,468 koz). Meanwhile, demand is projected at a robust 7,587 koz, resulting in a market deficit of 476 koz. This marks platinum’s second consecutive annual deficit.
