The platinum market is forecast to move from surplus into deficit in 2023, due largely to increased demand for coins and bars, jewellery, automotive production and investment.
The World Platinum Investment Council’s Q3 2022 report shows that, after two years of significant surpluses in 2021 and 2022, demand will see a swing of more than 1.1 Moz in the coming year. The improved outlook follows the end of the zero-Covid policy in China, which impacted new vehicle production, and a rise in demand for platinum coins and bars, particularly in Japan.
The major themes in 2022 include slower automotive growth, stronger than expected jewellery demand – particularly in the US and China – and continued robust industrial demand.
In 2023, the expected move towards a deficit is principally due to strong growth in automotive and industrial applications, with automotive demand predicted to improve by 11% year on year and industrial demand projected to increase by 10%. There is also expected to be a significant reversal from negative to positive investment demand, supported by strong sales of bars and coins.
Click here to download the full World Platinum Investment Council report.
