This report incorporates analysis of platinum supply and demand during Q4 and full year 2023, with a revised forecast for 2024.
- Consecutive platinum market deficits: 418 koz expected in 2024 following 878 koz in 2023
- 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