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Platinum Quarterly is commissioned by the World Platinum Investment Council and based upon independent research and analysis conducted by SFA (Oxford). It is our intention to publish similar commentary every quarter ensuring greater transparency of the global platinum market and the delivery of regular data to investors. The next Platinum Quarterly will be published on 14th May 2018.

This fourteenth edition of the Platinum Quarterly, published on 8th March 2018, includes Q4 and Full Year 2017 analysis of platinum supply and demand fundamentals. It also gives a view of the global above ground stocks of platinum and an outlook for market fundamentals for 2018.

The full report is available here:

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Overview of key data presented in the latest Platinum Quarterly:

This report incorporates analysis of platinum supply and demand during the fourth quarter and full year 2017.

Platinum supply and demand will be closely matched in 2018, returning the market to equilibrium (+25koz).

  • Global platinum supply is forecast to be 7,815 koz in 2018, a decline of 2% from 2017, despite an anticipated increase in recycling of 60 koz to 1,965 koz. Total mining supply for 2018 is expected to decline by 4% to 5,850 koz, mostly owing to reduced output from South Africa following some mine closures in 2017 and lower production in Russia.
  • Global demand is projected to grow marginally in 2018 to 7,790 koz, as a recovery in industrial demand and an increase in jewellery demand outweigh a decline in automotive demand and slightly lower investment demand.

For the full year 2017, total platinum supply grew 1% in 2017, with the market ending 2017 in a 250 koz surplus. Global demand, meanwhile, fell 7% year-on-year, amid lower demand in all major market segments.

  • Automotive demand fell 3% in 2017, due primarily to falling demand in Western Europe. The market did, however, experience growth in commercial vehicles in China and the rest of the world.
  • Global jewellery demand slipped 2% to 2,460 koz as gains in other regions struggled to offset a decline in China.
  • Total investment demand was also lower in 2017 at 260 koz, due primarily to a decrease in Japanese bar buying. However, ETF investment rebounded strongly in 2017 after two years of declines, with global holdings rising by 95 koz.