This report incorporates analysis of platinum supply and demand during Q3 2024, with an updated full year outlook for 2024 and a first forecast for 2025.
- Third consecutive annual platinum market deficit - forecast at 539 koz for 2025
- Supply remains severely constrained despite improvements in recycling, edging up 2% in 2024 to 7,269 koz and 1% to 7,324 koz in 2025
- Automotive demand is projected to hit an eight-year high of 3,245 koz in 2025
- Steady growth in the jewellery sector, with a 5% year-on-year increase forecast for 2024 and a 2% increase in 2025, driven by a surge in Indian fabrication
- Industrial demand to decline by 9% in 2025 to 2,216 koz as substantive capacity expansions taper; it will remain above the ten-year average
- In 2025, net positive investment demand is expected for the third consecutive year, bolstered by Chinese bar demand