Global platinum demand for the total of automotive, jewellery and industrial applications in Q3’21 continued the positive year-on-year growth trend seen in the previous three quarters, however, negative investment demand and near record refined supply drove the market balance into a surplus of 592 koz this quarter. The forecast for 2021 is now revised to a surplus of 769 koz, while 2022 is forecast to see a surplus of 637 koz.
- Supply levels are being boosted by processing of semi-finished material from 2020, with total supply expected to be up by 19% in 2021, but for 2022 to be almost flat on 2019
- Automotive demand is set to grow 14% in 2021, and a further 20% in 2022, despite semiconductor chip shortages
- ETF and exchange stock demand falls, while bar and coin demand grows, up 25% in Q3’21 and forecast up 10% in 2022 on global risk
- Industrial demand is expected to surge 26% in 2021, with 2022 to be above 2019 level
- Jewellery’s recovery from pandemic effects patchy, with Q3’21 down 5% but 2021 and 2022 both above 2020 level.