Platinum market to face deficit in 2023 after two years of significant surpluses - report

- According to a recent report from the World Platinum Investment Council , after two years of significant surpluses the platinum market is forecast to move to a material deficit in 2023.

WPIC added that the total supply was down in both Q4’22 and full year 2022 , “as prevailing headwinds in both mining and recycling supply severely curtailed output.” As for the global platinum demand, WPIC pointed out that automotive demand for full year 2022 increased by 12% year-on-year , reaching 2,957 koz.

Furthermore, as restrictions ease, and consumer confidence returns, global jewellery demand is expected to improve by 2% , growing to 1,936 koz in 2023, compared to a decline of 3% to 1,894 koz for full year 2022.

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