World Platinum Market to End 2021 in Notable Deficit

SEATTLE (Scrap Monster): The World Platinum Investment Council (WPIC) announced publication of its Platinum Quarterly Report for the initial quarter of the current year. The Council predicts the world platinum market to end in third consecutive annual deficit during 2021.

According to the report, platinum posted a minor deficit of 19 koz in Q1 2021. This is the fourth consecutive quarter that it has ended up in deficit. The initial quarter of the year saw platinum demand surge higher significantly by 26% to 1,969 koz. The projected 5% increase in demand for platinum to 8,041 koz will result in a straight third year of deficit for the precious metal. WPIC estimates the yearly deficit at approximately 158 koz.

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The six-fold jump in demand from the glass sector resulted in overall industrial demand growth of 44%. The rise in economic activity will boost demand for platinum in industrial applications by 25%.

The platinum jewellery sector demand soared 22% in first quarter 2021. The fabrication demand recorded notable improvement in China, India and North America. In 2021, the platinum jewellery is expected to recover by 9% over the previous year to 1,978 koz. Meantime, overall investment demand spiked by 96% in Q1’21. The platinum investment is expected to remain strong in 2021at 726 koz.