Page 39 - Bullion world volume 4 issue 6 june 2024
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Bullion World | Volume 4 | Issue 6 | June 2024
Platinum Supply and Demand
Primary supply 2019 2020 2021 2022 2023 2024
tonnes
South Africa 135.1 100.9 143.4 123.3 124.4 123.8
Russia 22.4 21.7 19.8 14.0 24.3 20.5
North America 11.4 10.4 8.7 8.7 9.0 9.4
Zimbabwe 14.0 15.0 14.5 15.2 16.0 16.5
Others 4.8 6.4 6.9 6.3 6.4 6.5
Total primary supply 187.7 154.4 193.3 167.5 180.1 176.7
Secondary supply 2019 2020 2021 2022 2023 2024
tonnes
Automotive 43.2 36.0 38.4 37.5 32.2 33.3
Electrical & 1.3 1.1 1.4 1.2 1.1 1.3
electronics
Jewellery 20.6 15.7 11.4 8.5 7.1 6.9
Total secondary 65.1 52.8 51.2 47.2 40.4 41.5
supply
Others 4.8 6.4 6.9 6.3 6.4 6.5
Total primary supply 187.7 154.4 193.3 167.5 180.1 176.7
Combined primary 252.8 207.2 244.5 214.7 220.5 218.2
and secondary supply
Demand tonnes 2019 2020 2021 2022 2023 2024
Automotive 80.5 63.0 74.9 85.4 104.0 102.7
Chemical 20.6 19.1 20.8 21.6 20.1 19.9
Dental & biomedical 7.9 6.8 6.9 7.8 8.2 8.5
Electrical & 6.6 6.9 8.1 7.7 6.1 6.9
electronics
Glass 15.3 17.4 26.0 22.0 24.1 22.5
Investment 35.2 31.8 -0.9 -17.5 1.3 3.7
Jewellery 64.5 51.5 45.7 43.3 42.3 41.8
Petroleum 8.2 8.9 7.0 7.5 5.4 5.6
Pollution control 5.8 5.7 6.7 7.3 8.6 8.6
Other 16.9 13.0 13.8 15.0 16.5 16.6
Total demand 261.5 224.1 209.0 200.1 236.6 236.8
Movement in stocks -8.7 -16.9 35.5 14.6 -16.1 -18.6
Secondary supply comprises ‘open-loop’ recycling from the automotive, jewellery and electronics sectors.
Industrial demand is net of ‘closed-loop’ recycling and sales of surplus metal back to the market, for example due to
plant closures. It represents new metal requirements by industrial consumers in each year.
Source – Johnson Matthey PGM Market Report, May 2024.
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