Quarterly platinum demand reached a two-year low of 1,567 koz in Q3 2024 as exchange traded fund (ETF) liquidations of 300 koz occurred. ETF investors appeared to take some profits in the quarter, as platinum prices gave back gains made during Q2 2024.
Elsewhere, automotive platinum demand decreased by 3% year-on-year in Q3 2024. It must be stressed that declining automotive demand does not reflect a change in previously discussed drivetrain trends. The rate of battery electric vehicle (BEV) demand growth continues to decelerate. Hybrid demand is proving robust and pure Internal Combustion Engine (ICE) is declining slowly.
Instead, Q3 2024 largely reflected a weaker European market where cost of ownership headwinds impacted the new vehicle market and offset demand growth across all other geographies. Elsewhere, quarterly platinum demand benefitted from year-on-year increased demand in the jewellery and industrial segments.
Total platinum supply increased by 5% year-on-year in the third quarter of 2024. Mine supply increased by 7% year-on-year to 1,479 koz in Q3 2024, largely driven by South Africa. The country benefitted from improved smelter availability supported by reduced electricity shortages during the quarter which together allowed for a release of work-in-progress inventory and more than offset some processing constraints in Zimbabwe.
In Russia, a planned smelter rebuild was completed ahead of schedule while the effect of announced restructuring in North America did not have much impact on production in Q3. Recycling supply was flat year-on-year in Q3 2024.
Although autocatalysts recycling supply increased by 2% year-on-year, messaging remains mixed with smaller scrapyards reportedly happy to hold material back in hopes of higher prices, while others maintain that there is simply a lack of available material due to weak new vehicle markets.
The net impact was a quarterly market surplus of 260 koz in Q3 2024 following two quarters of significant deficits, each approaching almost half a million ounces are reported in the Q3 2024 of Platinum Quarterly published by the World Platinum Investment Council.
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