News Archive
Shanghai Platinum Week (SPW) is a premier annual event dedicated to the platinum group metals (PGM) industry. Co-organised by WPIC, China Gold Association Platinum Committee and Valterra Platinum, SPW serves as a vital platform for industry leaders, experts and stakeholders to discuss trends, innovations and future directions.
Forecast total supply in 2025 is the lowest in five years, declining by 4% to 6,999 koz; Resurgence in China platinum jewellery demand drives a forecast 5% increase in global jewellery demand this year; Automotive demand resilient despite market uncertainty; forecast 2% reduction to 3,052 koz for full year 2025; Robust investment demand continues, forecast at 688 koz in 2025, bolstered by strong bar and coin demand in China; Above ground stocks to fall to 2,160 koz in 2025, representing only three months of demand cover.
A new strategic partnership is forged with the World Platinum Investment Council - WPIC® (WPIC) at Shanghai Platinum Week, following a strong start in platinum investment business.
Full year 2024 deficit of almost 1Moz and 2025 forecast deficit up 57% on updated forecast; Total supply up 3% in 2024 and is forecast to reduce 4% in 2025; Automotive demand at 3,130 koz in 2024 and 3,102 koz in 2025 despite headwinds; Jewellery demand up 8% in 2024, to grow 2% in 2025 to 6-year high; Investment demand up 77% in 2024 on strong exchange traded fund (ETF) inflows and large bar demand in China; Above ground stocks fell 23% in 2024 and to fall 25% in 2025 to 2,535 koz, less than four months’ worth of demand.
The World Platinum Investment Council - WPIC® - today announces Podium Minerals as its first Australian PGM developer to join as a pre-production member. Podium Minerals Limited (ASX:POD, Podium) aims to be Australia’s first miner and producer of Platinum Group Metals (PGMs) and a global preferred supplier of critical minerals to support decarbonisation.
The World Platinum Investment Council - WPIC® - today announces Bravo Mining Corp. (Bravo) as its inaugural pre-production member. This new membership category is specifically for companies involved in the development of orebodies that have the potential to produce platinum in the future. The membership broadens support for the implementation of WPIC’s strategy to increase investment in platinum.
Supply remains severely constrained despite improvements in recycling, edging up 2% in 2024 to 7,269 koz and 1% in 2025 to 7,324 koz; 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; will still remain above the ten-year average; Net positive investment demand is expected for the third consecutive year, bolstered by Chinese bar demand.
Supply forecast to weaken further, falling 1% to 7,089 koz in 2024, 6% below the 5- year average, while total demand now expected to grow 3% to 8,118 koz; Investment demand of 517 koz forecast for the year, boosted by ETF inflows and strong growth in bar and coin demand in China, especially in the large bullion bar category (500g and above, now included in demand figures); A jump in jewellery demand in Q2’24 contributes to overall 7% increase for the year in this segment; Automotive and industrial demand both forecast to increase 1% in 2024, from already elevated levels.
The Fourth annual Shanghai Platinum Week (SPW 2024), co-organised by the WPIC, China Gold Association, Anglo American, and the China Precious Metals Industrial Committee, concluded with a wealth of insights and discussions on the Platinum Group Metals (PGMs) market; While numbers are still being finalised, provisionally, this year, SPW 2024 welcomed more than 500 attendees from over 300 organisations, with online viewership reaching 455K on the first day and 317K on the second day, far exceeding any previous year.
New ingot and sponge monthly contracts to offer domestic mechanism to hedge price risks
Total platinum supply in Q1’24 was 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 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.
Platinum demand surged 25% in 2023 and will remain robust in 2024; Near record low platinum supply levels in 2023 will decrease another 1% in 2024; Automotive demand rose 16% in 2023, set to grow in 2024; Industrial demand down 14% in 2024 from record high in 2023, but still 12% above pre-COVID five-year average; Back-to-back net positive investment demand in 2023 and 2024.
Platinum deficit of 353 koz forecast for 2024, with this year’s deficit to exceed 1 million ounces; Both mining and recycling supply expected to be well below pre-COVID levels in 2023 and 2024; Automotive demand continues to strengthen, up 14% this year, with a further 2% increase expected next year; 2023 will see the highest industrial demand on record, with 2024 the third-highest; Investment demand forecast to remain positive in 2024.
Total demand expected to increase 27% in 2023, while total supply will be flat; Automotive recovery will see 2023 demand up 13% (+381 koz), driven by greater- than-expected vehicle production, increased substitution and higher loadings; Capacity expansions drive forecast industrial demand in 2023 to a record 2,667 koz; Strong ETF demand in Q2’23, with 2023 forecast total investment of 386 koz.
Revised platinum deficit forecast for 2023, up 77% to 983 koz, as demand grows 28% and supply decreases 1% year-on-year; Stronger-than-expected positive investment demand in quarter one sees full-year forecast raised to 433 koz; Industrial demand on track to be the strongest on record, increasing 17% driven by glass capacity expansions in China; Strong platinum automotive demand growth continues in 2023, up 12% on higher loadings and increased substitution.
Platinum deficit forecast for 2023 as demand to grow by 24%, while supply by just 3% due to severe constraints; Automotive demand set to rise 10% in 2023 on increased platinum for palladium substitution and higher loadings; Industrial demand in 2023 to increase 12% year-on-year, almost matching its strongest year on record; Investment demand in 2023 forecast to improve by over 900 koz on strong bar and coin demand and much lower ETF and exchange stock outflows.
Platinum deficit forecast for 2023 as demand to grow by 19%, while supply by just 2%; Downward revision of surplus forecast in 2022 by 17%; Automotive demand continues upward trajectory; up 12% in 2022 and 11% in 2023; Despite economic headwinds, industrial demand in 2023 to be up 10% and well above the ten-year average; Bar and coin demand forecast to jump 49% in 2023, driving overall investment demand positive.
The World Platinum Investment Council - WPIC® - today announces the appointment of Edward Sterck as Director of Research, effective from 1 November 2022.
The World Platinum Investment Council - WPIC® - today announces the appointment of Trevor Raymond as its new Chief Executive Officer, effective from 1 October 2022.
On Paul’s last day as CEO of the company he has led since its inception, his successor Trevor Raymond reflects on WPIC successes and achievements under Paul’s 8-year leadership.
Pointing to a tight physical market, platinum lease rates remain at almost record highs; Automotive, jewellery and industrial sectors remain resilient despite strong headwinds; Total supply forecast down 8% in 2022; Platinum ETF holdings and exchange stocks fall as excess China imports rise.
Platinum supply forecast to fall 5% in 2022, while demand to increase 2%; Despite unprecedented headwinds, annual automotive demand in 2022 forecast to rise 16%; Strong jewellery demand in Europe, North America, Japan and India unable to offset falls in pandemic-affected China; Strong underlying platinum industrial demand masked by reduced expansions in glass.
Platinum coins will be used in the Ladies’ and Gentlemen’s singles finals coin toss for the first time – commemorating both Her Majesty the Queen’s Platinum Jubilee and the centenary of Centre Court.
Increase in supply in 2021 forecast to plateau in 2022, as last of additional semi- finished material is processed; Significant rises in automotive (+11%), industrial (+27%), and jewellery (+5%) demand in 2021 set to remain strong in 2022; Fall in investment demand from historic highs of 2020 brought overall demand down in 2021; Imports into China, significantly above identified demand, absorb full 2021 surplus, maintaining tightened conditions in the platinum bullion market.
High supply levels forecast in 2021 and 2022 as processing of semi-finished stock from 2020 boosts otherwise flat mine output; Despite semiconductor chip shortage, platinum automotive demand forecast up 14% in 2021 and 20% in 2022 on substitution for palladium and tighter emissions legislation; Bar and coin demand up 25% in Q3’21 and forecast up 10% in 2022 on global risk while ETF holdings and exchange stocks reduce.
Post-COVID recovery sees global demand up 23% on Q2’20, with stand out rises in automotive and industrial sectors; Boost from faster processing of 2020 plant outage backlog sees supply increase 55%, with Q2’21 and annual forecast both in surplus; Following two record years, investment demand settles back to levels still above the pre-pandemic average as COVID-driven exchange stock inflows are not repeated.
Fourth consecutive quarterly deficit posted in Q1’21 (-19 koz), with third consecutive annual deficit of -158 koz forecast for 2021; Platinum supply recovers, although not yet to pre-pandemic levels; Demand growth driven in particular by industrial, automotive and jewellery sectors, as global recovery gains momentum; Platinum’s use in green technologies sees investment demand remain strong.
Supply down 17% in 2020, while demand down only 7% and deficit of -932 koz – the largest on record; Third consecutive annual deficit forecast for platinum in 2021; Automotive platinum demand in 2021 forecast to increase 25% accelerated by Chinese heavy-duty vehicles; Investment demand to remain strong as platinum’s links with the hydrogen economy continue to attract investor interest, while platinum remains heavily undervalued compared to gold and palladium.
Client holdings for platinum rise 90% in last 12 months to 55 koz (1.7 t), and 120% by US Dollar value to $61m; Number of investors in platinum rises by over 70%; Platinum investors now spread across 95 countries worldwide.
2020 forecast shows supply down 18%, demand down only 5% and deficit of -1,202 koz; First 2021 forecast shows supply up 17%, demand up 2% and deficit of -224 koz; Strong Q3 2020 recovery as lockdowns eased ─ supply up 48%, demand up 75%; Record investment demand forecast in 2020 on high global risk and platinum’s key role in the hydrogen economy; Chinese jewellery demand for 2021 forecast to rise for the first time in seven years.
Q2 2020 demand down 19% year-on-year but supply down by 35%; Weaker supply and strong investment demand move 2020 forecast to -336 koz deficit; Since the price lows of 19th March 2020, platinum has significantly outperformed gold; Hydrogen economy elevates platinum as a precious metal with long-term store of value.
2020 demand down 18% but supply down 13%; Forecast 2020 surplus of 247 koz only 128 koz higher than previously forecast; Investors act on price fall as demand for bars and coins surges to 19% of total demand in Q1 2020 from 2% in previous quarter; Smelting process failure and more stringent auto emissions legislation major factors that limit surplus.
New 2020 forecast shows platinum supply to narrowly exceed demand by 1.5% or 119 koz, indicating a balanced market; Outlook driven by strong industrial and growing automotive demand with upside from reducing CO2 emissions and responding to palladium shortages; In 2019, platinum surplus reduced to 65 koz from 790 koz in 2018, with total supply up 1% and total demand up 11%.
Balanced market in 2019 on 2% supply growth but record 1 moz growth in ETF holdings; 2020 surplus of 670 koz despite a 1% supply fall and strong, yet lower, investment demand; 2020 automotive forecast excludes any platinum-for-palladium substitution.
Further platinum ETF growth in second quarter after record growth in Q1; SA mine supply up 1% year-on-year from one-off pipeline stock release; Annual surplus shrinks towards a balanced market on investment demand gains.
Highest quarterly platinum ETF growth since their launch in 2007; SA mine supply seasonally strong but from pipeline stock release; Highest quarterly deficit since WPIC commenced publication.
2019 demand up on continued growth in industrial and rebound in investment; 2019 automotive forecast excludes meaningful platinum for palladium substitution; Platinum surplus forecast in 2019 — 10% lower than 2018 surplus.
The World Platinum Investment Council (WPIC) today announces its latest strategic partnership in China with CNOOC Taiyuan Precious Metal Co., Ltd (CNOOC Taiyun).
QFull year supply forecast revised downwards following reduced jewellery recycling; Overall global demand to fall by 2% compared to 2017; Industrial demand to strengthen by 5% to highest level in in 6 years.
Partnership paves the way for increased access to retail platinum investment products in China; Move supports WPIC’s mission to stimulate investor demand for physical platinum worldwide
Q1’18 SA mine supply falls to lowest level for two years; Rebound in jewellery and industrial demand to continue in 2018; Investment demand buoyed by strong bar and coin buying in Q1’18.
Jewellery posts growth of 3%, the first in 4 years; Industrial demand recovers to 2016 levels with an increase of 9%; Supply to stall with South African output set to fall by 2%.
The Royal Mint has timed its first entry into the platinum bullion market to coincide with London Platinum Week.
The first platinum offering on BullionVault’s platform; Provides investors with access to the lowest-cost physical platinum bullion product in the world.
Range includes platinum statuettes of Lord Ganesh in 3gm, 6gm and 9gm sizes; Products to be available at Muthoot Fincorp Branches; Easily affordable via savings and accumulation plans.
Move marks first bullion platinum offering from The Royal Mint; Partnership supports WPIC’s mission to stimulate investor demand for physical platinum worldwide.
This article was published in The Summer 2016 edition of Campden FO magazine.
Follows record AUM growth of “Fruit of Platinum” ETF(Physical Platinum Exchange Traded Fund) in 2015; One of WPIC’s initiatives to stimulate investor demand for physical platinum worldwide.
Agreement paves the way for increased access to retail platinum investment products; Partnership supports WPIC’s mission to stimulate investor demand for physical platinum worldwide.
Major inflection points for future platinum demand.
WPIC commissioned report by Glaux Metal forecasts an average annual deficit of 250,000 ounces for six-year period to 2021.
Exclusive agreement between WPIC and Rand Merchant Bank (RMB) will extend global reach of platinum bullion coin custodial certificates.
The World Platinum Investment Council (WPIC) today announces the publication of its fourth Platinum Quarterly - the first independent, freely-available, quarterly analysis of the global platinum market. The report incorporates analysis of platinum supply and demand during the second quarter of 2015.
The World Platinum Investment Council (WPIC) today announces the publication of its third Platinum Quarterly - the first independent, freely-available, quarterly analysis of the global platinum market. The report incorporates analysis of platinum supply and demand during the first quarter of 2015.
The World Platinum Investment Council (WPIC) today announces the appointment of Marcus Grubb as Director of Market Development. He officially joins WPIC on the 1st of July and will be based at WPIC’s new global headquarters in St James’s, London.
The World Platinum Investment Council (WPIC) today announces the appointment of David Badham as Chief Administrative Officer. He joins with immediate effect and is based at WPIC’s global headquarters in London.
The first independent, freely-available, quarterly analysis of the global platinum market. The report incorporates analysis of annual platinum supply and demand for 2014, including a detailed review of the platinum market in Q4 2014, and a 2015 market forecast.
The World Platinum Investment Council (WPIC) today announces the appointment of Trevor Raymond as Director of Research, with effect from 1 March 2015. He joins from Anglo American Platinum where he was the Head of Market Intelligence and Market Relations – Precious Metals for 6 years.
The World Platinum Investment Council (WPIC) today announces the launch of Platinum Quarterly - the first independent, freely-available, quarterly analysis of the global platinum market. This inaugural Platinum Quarterly incorporates analysis of annual platinum supply and demand for 2013 and 2014. Importantly, the first analysis of quarterly supply and demand (Q3 2014) and an estimate of global above ground stocks of platinum are also presented.
The world’s top platinum producers have joined forces to launch an industry promotional body on Tuesday in an effort to increase demand for the precious metal as an investment asset.
Today, the world’s leading platinum producers announce the launch of a new industry entity,the World Platinum Investment Council (WPIC), which will work to develop the global market for platinum investment.
