The platinum market saw robust growth for both supply and demand in the second quarter of 2024. Mine supply increased by 5% year-on-year to 1,570 koz in Q2 2024, largely driven by South Africa. The country benefitted from a marked year-on-year reduction in load curtailment and improved smelter availability during the quarter. This more than offset lower Russian and North American production stemming from planned smelter maintenance. Recycling increased by 1% year-on-year to 388 koz in Q2 2024.
Although automotive recycling supply increased by 2% year-on-year, scrap aggregators continue to highlight challenges securing sufficient feedstock, with lingering suggestions of hoarding by scrapyards. Total supply in Q2 2024 came to 1,958 koz, up 4% over last year and up 22% compared to the prior quarter, reflecting mine supply seasonality. Quarterly demand of 2,421 koz in Q2 2024 reached a four-year high. Demand increased by 13% compared to a year earlier due to a sharp uptick in platinum ETF holdings (+444 koz).
ETF investors were drawn to platinum due to its increasing discount to gold, expectations for interest rates easing, and platinum’s strong underlying fundamentals, reflected in consensus forecasts for a market deficit in 2024. Elsewhere, platinum demand proved resilient during Q2 2024. Automotive demand was up 1% year-on-year as recent trends such as platinum for palladium substitution and higher-for-longer ICE-based vehicle demand persisted. Jewellery demand increased by 5% year-on-year, with only North America recording lower demand (-1% year-on-year), albeit off a high-base.
Industrial platinum demand decreased by 4% year-on-year in Q2 2024, almost entirely due to weaker chemical demand (-48% Year-on-Year) following fewer plant commissionings as China moves beyond a period of elevated capacity investment. The net impact was a significant quarterly market deficit of 464 koz in Q2 2024.
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