Recently World Platinum Investment Council [WPIC] released its’ Platinum Quarterly Q1 2023 report. The report 2023 forecast deficit increases to 983 koz, equivalent to 12% of projected annual demand! The edition of Platinum Quarterly presents platinum supply and demand developments for the first quarter of 2023, as well as an updated outlook for 2023.
It also provides WPIC’s views on issues and trends relevant to investors considering exposure to platinum as an investment asset, plus an update on how our product partnerships continue to meet investors’ needs. The Platinum Quarterly data and commentary are prepared independently for the WPIC by Metals Focus.
Key focusing areas are,
1: Updating the outlook for 2023, the platinum deficit is now projected to total 983 koz, 77% higher than the deficit presented in the last Platinum Quarterly. The updated deficit equates to a material 12% of projected full-year demand in 2023.
2: Mine supply remains highly challenged and has been downgraded to 5,511 koz, which is 6% below the average production level since 2013. Secondary supply has been downgraded by 9% due to continuing scrap supply constraints for the automotive recyclers. Total supply is now forecast to total 7,193 koz (-1% year-on-year).
3: In contrast, demand in 2023 is expected to total 8,176 koz (+28% year-on-year), with automotive demand up 357 koz, industrial demand up 382 koz, and investment demand improving from net negative to positive 433 koz on strong bar and coin demand and a return to positive ETF investment flows. The jewellery outlook remains muted again this year, down 38 koz year-on-year.
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