WPIC – Platinum Quarterly, Q1 2024

The platinum market is facing a substantial deficit in the first quarter of 2024, with a 369 koz deficit recorded and a forecast of a 476 koz deficit for the full year. Supply risks remain a key concern, with total mine supply expected to decrease by 3% year-on-year due to lower output from South Africa and Russia. However, there are signs of potential recovery in recycling supply. Despite strong automotive demand, overall platinum demand in Q1 2024 moderated, in line with expectations for the full year. The dataset has been updated to include separate data for hydrogen-related platinum demand and China demand for bars and coins. The market trends in Q1 2024 showed limited supply growth, with stable Russian mine supply and a slight increase in Zimbabwean and North American mine supply. However, recycling supply decreased, leading to a stable total supply compared to the previous year but down 12% from the prior quarter. Demand in Q1 2024 was resilient, with a decrease in investment demand but increases in automotive and jewellery demand, resulting in a significant deficit of 369 koz for the quarter.