Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


Platinum set for biggest deficit in a decade in 2024, says Johnson Matthey

Platinum set for biggest deficit in a decade in 2024, says Johnson Matthey

By Brijesh Patel

(Reuters) – The platinum market faces its largest supply shortfall in 10 years in 2024 as shipments from Russia return to normal from last year’s highs and industrial demand stays firm, Johnson Matthey said in a report on Thursday.

The autocatalyst maker added that it expected all platinum group metals (PGM) – platinum, palladium, and rhodium – to remain in deficit in 2024.

The three metals are used in autocatalysts that reduce emissions from vehicle engines, with platinum also used in other industry and for jewellery and investment.

Johnson Matthey (JM) said it expected the platinum market’s deficit to increase to 598,000 ounces this year from a shortfall of 518,000 ounces in 2023.

It forecast platinum demand would stabilise at around 7.61 million ounces, with small decreases in automotive and jewellery balanced by an uptick in investment.

Auto sector consumption is expected to slip 1.3% in 2024, while primary supply is projected to fall 2% as Russian shipments return to more normal levels following heavy selling of mined stocks in 2023, JM said.

For palladium, JM said use by automakers would fall about 7%, reducing overall demand to 9.73 million ounces and cutting the market deficit to 358,000 ounces from 1.02 million ounces last year.

For rhodium, auto consumption is also expected to fall – by about 6% – dragging total demand down 4% to 1.06 million ounces. The rhodium market is likely to be undersupplied by 65,000 ounces, down from 125,000 ounces in 2023, JM said.

“Automotive and industrial users bought more metal than they needed during 2020-2022 to mitigate price and supply risks. Since then, consumers have been using up excess PGM inventory, and some have even sold metal back to the market,” Rupen Raithatha, market research director at Johnson Matthey, said.

At around $950 an ounce, palladium is trading lower than platinum at $960, pressured by growing demand concerns. [GOL/]

Rhodium is trading around $4,700 an ounce, down about 84% from all-time highs reached in March 2021.


2023 2024 % change


Primary supply (mined) 5,791 5,681 -2%

Secondary supply (recycled) 1,300 1,335 3%

TOTAL SUPPLY 7,091 7,016 -1%



Automotive 3,342 3,299 -1%

Chemical 647 643 -1%

Dental & biomedical 264 273 3%

Electrical & electronics 195 221 13%

Glass 776 721 -7%

Investment 46 120 160%

Jewellery 1,361 1,343 -1%

Petroleum 174 180 3%

Pollution control 275 279 1%

Other 529 535 1%

TOTAL DEMAND 7,609 7,614 0%


Movement in stocks -518 -598


2023 2024 % change


Primary supply (mined) 6,547 6,454 -1%

Secondary supply (recycled) 2,807 2,919 4%

TOTAL SUPPLY 9,354 9,373 0%



Automotive 8,745 8,145 -7%

Chemical 543 535 -2%

Dental & biomedical 193 185 -4%

Electrical & electronics 511 524 3%

Investment 61 29 -52%

Jewellery 86 85 -1%

Pollution control 135 140 4%

Other 97 88 -9%

TOTAL DEMAND 10,371 9,731 -7%


Movement in stocks -1,017 -358


2023 2024 % change


Primary supply (mined) 701 704 0%

Secondary supply (recycled) 285 295 4%

TOTAL SUPPLY 986 999 1%



Automotive 989 931 -6%

Chemical 81 92 14%

Electrical & electronics 6 6 0%

Glass 18 18 0%

Other 17 17 0%

TOTAL DEMAND 1,111 1,064 4%


Movement in stocks -125 -65

Source: Johnson Matthey


(Reporting by Brijesh Patel in Bengaluru; Editing by Mark Potter)


Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts