This edition of Platinum Quarterly presents platinum supply and demand developments for the fourth quarter of 2024, final estimates for 2024 and an updated forecast for 2025f.

Demand for industrial precious metals platinum and palladium will likely fall if tariffs proposed by President Donald Trump on U.S. auto imports dampen vehicle sales, analysts said.

The platinum market is heading towards another major deficit this year while above-ground stocks of the metal fall to only four months’ worth of cover.

Jewellery is a key component of the platinum market, which today stands at around 25% of total demand. As recorded in WPIC’s quarterly supply and demand data series, platinum jewellery demand peaked at 3.0 Moz in 2014 before declining to 1.8 Moz in 2023.

India moved platinum alloy imports to the restricted category from the previously free category, except for 99% pure platinum alloy imports, the government said in a notification on Wednesday.

University of Illinois researchers have developed a method to recycle platinum catalysts used in the production of valuable silicone materials.

Keep up-to-date with industry insights and company announcements across the Platinum market