From Investing.com: 2024-05-13 01:15:46

The World Platinum Investment Council (WPIC) predicts a deeper global platinum deficit in 2024 due to reduced supply from South Africa and Russia. The deficit is projected to be 476,000 ounces, smaller than 2023’s 851,000, with a 5% demand decrease. Demand for platinum is expected to decline by 5% this year due to various factors, including a shift towards hybrid vehicles.

Production from South African mines will drop by 2% in 2024 due to restructuring and slow production ramp-ups. Meanwhile, supply from Russia will decrease by 9%, reaching a multi-decade low. Demand for platinum is set to fall by 5% this year, after a 26% growth in 2023. The deficit will be covered by a reduction in above-ground stocks.

In 2024, global refined platinum production is estimated to decrease by 2% to 5,468 thousand ounces, with various countries seeing changes in their production numbers. Recycling is also projected to decrease by 12%. Total supply is expected to see a 2% decrease in 2024. Demand is set to increase slightly for automotive sectors while declining for industrial use.



Read more at Investing.com: Weaker supply will drive platinum deficit higher than expected in 2024, WPIC says By Reuters