世界铂金投资协会-2024年第二季度白金季度（英）

© 2024 World Platinum Investment Council – WPIC®. All rights reserved.Page 1 of 27PLATINUM QUARTERLYQ2 2024FOREWORDThis edition of Platinum Quarterly presents platinum supply and demand developments for the second quarter of 2024 and an updated forecast for full year 2024. It also provides WPIC’s views on relevant issues and trends for investors considering exposure to platinum as an investment asset, plus an update on how our product partnerships continue to meet investor needs. The Platinum Quarterly data and commentary (starting on page 6) are prepared independently for WPIC by Metals Focus.Platinum market deficit to grow from 2023 to 2024• In the second quarter of 2024, the platinum market recorded a deficit of 464 koz. The deficit is forecast to be 1,028 koz for full year 2024, which follows a 731 koz deficit in 2023. • Mine supply of 1,570 koz in the second quarter of 2024 reached its highest level since the fourth quarter of 2021. These gains were underpinned by South Africa (+7% year-on-year), in part due to the processing of semifinished inventory. However, supply risks remain a prominent theme for 2024. Given mine supply restructuring and uncertainty around the pace of the recovery in automotive recycling, our full year 2024 forecast for total supply was revised lower by 22 koz versus last quarter. • Quarterly platinum demand reached an almost four-year high in Q2 2024 following significant investment inflows of ETF holdings (despite elevated interest rates). For the full year 2024, global platinum demand is forecast to increase by 3% year-on-year, with growth from all key end-market segments. • A key addition has been made to the WPIC dataset, which now includes a separate line item for large Chinese platinum bar demand (≥500g), housed within the investment demand segment.Platinum supply and demand – second quarter trends and updated 2024 outlook Deficit of 464 koz in Q2 2024 as investment demand shinesThe platinum market saw robust growth for both supply and demand in the second quarter of 2024. Mine supply increased by 5% year-on-year to 1,570 koz in Q2 2024, largely driven by South Africa. The country benefitted from a marked year-on-year reduction in load curtailment and improved smelter availability during the quarter. This more than offset lower Russian and North American production stemming from planned smelter maintenance. Recycling increased by 1% year-on-year to 388 koz in Q2 2024. Although automotive recycling supply increased by 2% year-on-year, scrap aggregators continue to highlight challenges securing sufficient feedstock, with lingering suggestions of hoarding by scrapyards. Total supply in Q2 2024 came to 1,958 koz, up 4% over last year and up 22% compared to the prior quarter, reflecting mine supply seasonality.Quarterly demand of 2,421 koz in Q2 2024 reached a four-year high. Demand increased by 13% compared to a year earlier due to a sharp uptick in platinum ETF holdings (+444 koz). ETF investors were drawn to plati