This report incorporates analysis of platinum supply and demand during the third quarter of 2020, a revised full year forecast for 2020, and a first full year forecast for 2021.
Overall, Q3’20 saw large sections of the market, both supply and demand, returning to near-pre-COVID-19 operational levels as global economic conditions improved compared to the first half of 2020. Platinum had a strong Q3 2020 recovery as lockdowns eased ─ supply up 48%, demand up 75%, leaving the quarter in a deficit of -709 koz.
The 2020 forecast shows supply down 18%, demand down only 5% and a deficit of -1,202 koz. A record investment demand is forecast for the year on high global risk and platinum’s key role in the hydrogen economy.
The first 2021 forecast shows supply up 17%, demand up 2% and a third consecutive annual deficit expected, at -224 koz. Within this, Chinese jewellery demand is forecast to rise for the first time in seven years.