WPIC – Platinum Essentials, Sep 2024

The Platinum Essentials report for Q2’24 builds on the market outlook for 2024, incorporating data from the first six months of the year. It highlights the ongoing substantial market deficits from 2023 and 2024, expected to continue until 2028. Changes in the South African platinum group metal industry, automotive demand trends, and Chinese platinum investment demand have led to updates in longer-term forecasts. Despite challenges such as the low PGM basket price and thrifting trends, the platinum investment case remains strong, with an average annual deficit of 769 koz anticipated from 2025 to 2028. The report also notes a shift in market sentiment towards platinum automotive demand, with a projected -1% CAGR erosion from 2023 to 2028f. Overall, the outlook suggests resilience in the platinum market, with additional factors such as Chinese platinum bar and coin demand being considered in the two- to five-year forecast. These insights are based on publicly available information and WPIC in-house analysis.