Platinum market deficit forecast to exceed million ounces in 2024 amid robust demand

Robust growth is expected to drive total platinum demand to 8 118 000 oz, leading to a substantial market deficit of 1 028 000 oz in 2024, the World Platinum Investment Council (WPIC) says in its revised full-year 2024 forecast published with its Platinum Quarterly for the second quarter of this year. Total platinum supply is expected to decline by 1% from the already weak levels of 2023, reaching 7 089 000 oz, while recycled supply will likely see a modest year-on-year increase of 2% to 1 581 000 oz. This gain will be offset by a 2% year-on-year decrease in mined supply, which is projected to drop to 5 508 000 oz.