2 to 5 Year View

September 2024 Platinum Essentials: Sep‘24, 2-5 year platinum supply/demand outlook: Robust demand and limited supply drive larger market deficits. September 2024 Platinum Essentials: Updating WPIC’s two- to five-year platinum supply demand outlook: Robust demand and limited supply drive larger market deficits. This Platinum Essentials contains revised platinum supply/demand estimates for 2025f to 2028f. The platinum investment case remains compelling, with the overriding feature being that the substantial market deficits of 2023 and 2024f are expected to persist throughout our forecast period to 2028f. This report is separate to the one-year forward outlook for 2024 we publish in our Platinum Quarterly (PQ), which is prepared independently for us by Metals Focus.

January 2024 Platinum Essentials: Updating WPIC’s two- to five-year supply demand outlook: Multi-year deficits expected. With our Platinum Quarterly outlook now running through 2024, this Platinum Essentials contains revised platinum supply/demand estimates for 2025 to 2027 and our first estimate for 2028. In 2023, the platinum market is estimated to have recorded its largest single annual deficit of >1 Moz. Our analysis highlights that the platinum market will remain undersupplied through at least 2028. This report is separate to the one-year forward outlook for 2024 we publish in our Platinum Quarterly (PQ), which is prepared independently for us by Metals Focus.

June 2023 Platinum Essentials: Updating WPIC’s two- to five-year supply demand outlook: Consecutive years of deficits: Our most recent Platinum Quarterly presented data for Q1 2023 and an updated outlook for full year 2023, including an expected full-year deficit of almost 1 Moz. This report presents an updated outlook for platinum supply and demand for the years 2024 to 2027. Projections have been lowered for both supply and demand, but we continue to forecast consecutive deficits that deepen from 2024 through 2027. This report is separate to the one-year forward outlook for 2023 we publish in our Platinum Quarterly (PQ), which is prepared independently for us by Metals Focus.

March 2023 Platinum Essentials: Updating WPIC’s two- to five-year supply demand outlook: Supply side risks raise conviction on deficits: This report presents an updated outlook for platinum supply and demand for the years 2024 to 2027. On a like-for-like basis, total demand is broadly unchanged, while platinum supply forecasts have been reduced to reflect updated mined supply guidance. We reaffirm our expectations that platinum supply will record sequentially deepening deficits between 2024 to 2027. This report is separate to the one-year forward outlook for 2023 we publish in our Platinum Quarterly (PQ), which is prepared independently for us by Metals Focus.

December 2022 Platinum Essentials: Updating WPIC’s two- to five-year supply/demand outlook: Sustained platinum deficits: This report presents our updated outlook for platinum supply and demand for the years 2024-2026 as well as initial estimates for 2027. On a like-for-like basis, total demand is slightly down on previous estimates, but significant cuts to mine supply guidance result in much deeper deficits. However, with published mine supply guidance now updated, we have based our supply forecasts on the mid-point of guidance ranges (previously the low-point). This has resulted in supply demand balances that are broadly unchanged from previously. This report complements, but is entirely separate from, the one year forward outlook we publish in our Platinum Quarterly (PQ), which is prepared independently for us by Metals Focus.

September 2022 Platinum Essentials: Updating WPIC’s two- to five-year supply/demand outlook: Deeper deficits despite recessionary risks: This report presents our updated outlook for platinum supply and demand for the years 2023-2026 as well as an updated automotive drivetrain outlook to 2040. This report complements, but is entirely separate from, the one year forward outlook we publish in our Platinum Quarterly (PQ), which is prepared independently for us by Metals Focus. All estimates in our supply/demand outlook from 2023-2026 in this report are based upon publicly available information and WPIC in-house analysis. Our updated outlook, factors in estimates of the impact of slowing economic growth and increased inflation on demand, and also updates supply to take into account reduced guidance from the PGM miners as well as headwinds to recycling supply. In aggregate, the reductions to supply outweigh the reduced demand outlook and the forecast deficits are deeper on average over the four years by ~50 koz p.a.

June 2022 Platinum Essentials: WPIC inaugural two- to five-year supply/demand outlook shows platinum market moving to deepening deficits: This report contains the results of WPIC analysis, based on public data, which presents our supply/demand outlook for the years 2023-26. It is intended to complement but is entirely separate from, the one year forward outlook we publish in our Platinum Quarterly (PQ), which is prepared independently for us by Metals Focus. It builds on our recently published drivetrain and fuel cell electric vehicle reports which forecast out to 2040. All estimates in this report are based upon publicly available information and WPIC in-house analysis. Our analysis shows modest platinum deficits in 2023 and 2024 with increasing and materially deeper deficits in 2025 and 2026. It is noteworthy that our supply/demand data does not include China’s platinum imports in excess of identified demand, which deepened the 2020 deficit and moved the market from major surplus into modest deficit in 2021.