Expanded global platinum shortage projected for the year 2024
In the global platinum market, a deficit is projected for 2024, with an estimated shortfall of 476,000 troy ounces, representing a 6% deficit compared to global demand. This anticipated deficit is due to a decline in global platinum stocks, which fell by 17% in 2023 to a four-year low of 3.620 million ounces. The platinum deficit in 2023 was nearly twice as large as the deficits observed in the previous two consecutive years, amounting to 851,000 troy ounces.
The forecasted global platinum deficit in 2024 is smaller than the deficit observed in 2023, primarily due to restructuring and staff reductions in South African mines following the decline in prices of palladium and rhodium. South African mines are expected to produce 2% less platinum in 2024, resulting in a production figure of 5.468 million ounces. Russian platinum supplies are also expected to decrease by 9% due to sanctions and scheduled maintenance.
In contrast, global platinum demand increased by 26% in 2023 to 8.023 million ounces. This growth in demand, coupled with the anticipated decrease in production, has led to the continued global platinum deficit. However, secondary production of platinum in 2024 is expected to increase by 5% to 1.642 million ounces, which may help to offset some of the shortfall.
The global platinum deficit for the second consecutive year is expected to amount to 476,000 troy ounces, as previously reported by Reuters. This deficit refers to the shortage between global platinum supply and demand, and the decline in global platinum stocks in 2024 is a result of this deficit being compensated.
Read also:
- Catastrophic blast at a US Steel facility in Pennsylvania causes 2 fatalities, inflicts injuries on 10 individuals
- Weekly developments in the German federal parliament, the Bundestag
- Solar Shutdown: Merz Proposes Billions of Gas Discharge - Reverse Plan
- New guidelines for NEPA processes unveiled by federal agencies, in alignment with Executive Order 14154 and the Seven County Decision of the Supreme Court
