Platinum Prices

Platinum Prices H2 2023

The price of the platinum in USA reached 995 USD/Troy Ounce (H2 2023 Avg Price).

Platinum Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Platinum Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of platinum pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of platinum at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of platinum price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing platinum price fluctuations, such as supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Platinum Market Analysis

The global platinum market size reached 180 Tons in 2023. By 2032, IMARC Group expects the market to reach 258.42 Tons, at a projected CAGR of 4.10% during 2023-2032.

• Recycling and sustainability efforts are essential in the contemporary industrial environment, especially for important yet limited materials, such as platinum. These efforts focus on reclaiming and reusing valuable materials from used items, effectively decreasing the demand for new resource extraction, which can harm the environment and use a lot of energy. Efforts to recycle, particularly in industries such as automotive and electronics that heavily rely on platinum, not only conserve natural resources but also lessen waste and environmental harm. Furthermore, efforts towards sustainability aim to increase the usage of more effective, less wasteful manufacturing methods and foster the creation of sustainable goods and procedures. In December 2023, Lifezone Metals Limited revealed a collaboration with Glencore plc for a US-based project focused on recycling platinum, palladium, and rhodium, making use of their Hydromet technology. The venture included testing in Perth, Australia, aimed at extracting PGMs from car catalytic converters using ethical sourcing and advanced metallurgical methods. In December 2023, Johnson Matthey had effectively put in place a mass balance accounting method to provide 100% recycled platinum group metals (PGMs), which was approved by the Carbon Trust. This program allowed clients to purchase PGMs with a much lower carbon footprint, in line with sustainability objectives and industry guidelines set by the Ellen MacArthur Foundation.
• Platinum is highly valued in the high-end jewelry sector for numerous factors. Its scarcity gives it a sense of uniqueness, making it highly desired for those interested in purchasing high-end jewelry. The strength of the metal ensures that items, such as engagement rings and wedding bands, can endure everyday use for many years, maintaining their perfect condition and structural strength. Furthermore, the inherent white luster of platinum remains unaffected by time, retaining its shiny look without frequent polishing.
• Platinum plays a vital role in hydrogen fuel cell electric vehicles (FCEVs) as a catalyst within the fuel cells that generate power. In these cells, platinum aids in the decomposition of hydrogen gas at the positive electrode, separating it into protons and electrons. The electrons flow through a connected external pathway, energizing the motor of the vehicle. Additionally, platinum at the cathode assists in merging oxygen from the atmosphere with protons that have passed through the proton exchange membrane, resulting in water being created. The effective catalytic properties of platinum are essential for improving the performance and energy efficiency of FCEVs. In October 2023, Anglo-American collaborated with BMW Group South Africa and Sasol South Africa Limited. Under the collaboration agreements, BMW will provide the hydrogen fuel-cell electric vehicles (FCEVs), Sasol will supply the green hydrogen and mobile refueler, and Anglo American will provide platinum group metals (PGMs) used in FCEVs.
• The biocompatibility of platinum ensures its suitability for medical implants like pacemakers and defibrillators, as well as surgical tools and equipment. Its inert nature prevents adverse reactions in human bodies, making it invaluable in critical healthcare applications where safety and reliability are paramount.

Platinum News

The report covers the latest developments, updates, and trends impacting the global platinum market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the platinum price trend.

Latest developments in the platinum industry:

• December 2023: BASF's Environmental Catalyst and Metal Solutions launched Verdium, enabling clients to confirm substantial carbon decreases for recycled platinum group metals, verified independently by UL Solutions. Verdium offered verifiable, reviewed options for reducing carbon emissions by as much as 97% in comparison to mined resources.
• January 2023: Epiroc revealed that African Rainbow Minerals (ARM) had chosen their low-profile mining equipment, such as drill rigs and loaders, for the Bokoni platinum mine in South Africa. ARM intended to resume operations at the mine in 2023.
   

Product Description

Platinum is a precious metal that is dense, malleable, and unreactive, with a shiny silver-white color. It is obtained through mining and then goes through refining techniques, such as froth flotation and smelting to reach its pure state. It is available in several forms, including pure platinum and platinum alloys, which are used according to the specific requirements of its applications.

Platinum shows strong resistance to corrosion, even when exposed to high temperatures, and remains stable in harsh conditions. It serves as a great catalyst, quickening chemical reactions without being used up or changed in the process. It is a secure investment and a hedge against inflation or economic instability because of its rarity and high demand. It is commonly used in jewelry settings for diamonds and other precious stones because of its shiny look and strong resistance to tarnish.

Regional Coverage

The report provides a detailed analysis of the platinum market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the platinum price trend. 

Global Platinum Price

The report offers a holistic view of the global platinum pricing trends in the form of platinum price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price of platinum but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed platinum demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Platinum Price

Europe's platinum pricing trends are deeply affected by its stringent environmental regulations and the push towards sustainable and recycled materials. The automotive and aerospace industries in Europe, which demand high-quality specialty metals, further complicate the pricing landscape. Energy costs and the availability of renewable energy sources also significantly influence platinum production costs. Additionally, the region's dependency on platinum imports, coupled with fluctuating currency values, adds another layer of complexity to understanding price trends in this market.

Detailed price information for platinum can also be provided for an extensive list of European countries.

North America Platinum Price

In North America, platinum prices are closely tied to technological advancements in extraction and processing techniques, which aim to reduce costs and enhance efficiency. The region's emphasis on defense and technology sectors, which require precise and high-grade metals, drives demand variability. Furthermore, trade policies, particularly those involving major trade partners like Canada and Mexico, heavily influence platinum supply chains and pricing structures. The shift towards green energy and electric vehicles in North America also affects demand patterns for metals.

Specific platinum historical data within the United States and Canada can also be provided.

Middle East and Africa Platinum Price

The platinum pricing trends in the Middle East and Africa are increasingly impacted by infrastructural developments and investments in the construction and transportation sectors. The region’s political climate and its effect on operational stability and security are also crucial in determining price trends. Additionally, the Middle East's strategic initiatives to diversify away from oil dependency and invest in mining and metal production capabilities are reshaping its market dynamics. In Africa, the availability of resources combined with foreign investment in mining projects heavily influences local and global platinum supply and prices.

Region-wise data and information on specific countries within these regions can also be provided.

Asia Pacific Platinum Price

In the Asia Pacific region, platinum pricing dynamics are significantly influenced by robust industrial growth and expanding manufacturing sectors, particularly in China and India. The region's high demand for metals is driven by its active construction industry and increasing investments in infrastructure projects. However, supply disruptions due to geopolitical tensions and regulatory changes in mining practices also play a critical role in shaping price fluctuations. Additionally, trade policies and import-export tariffs continue to impact the cost structures and availability of platinum, making the Asia Pacific market a complex environment for price trend analysis.

This platinum price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Platinum Price

Latin America's platinum market is predominantly influenced by its rich natural reserves, particularly in countries like Chile and Brazil. However, political instability and inconsistent regulatory frameworks can lead to significant volatility in platinum prices. Infrastructure challenges and logistical inefficiencies often impact the supply chain, affecting the region's ability to meet international demand consistently. Moreover, economic fluctuations and currency devaluation are critical factors that need to be considered when analyzing platinum pricing trends in this region.

This comprehensive review can be extended to include specific countries within Latin America.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of platinum pricing, covering global and regional trends, spot prices at key ports, and a breakdown of ex-works, FOB, and CIF prices.
• The study examines factors affecting platinum price trend, including supply-demand shifts and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The platinum price charts ensure our clients remain at the forefront of the industry.