Summary
The document is a market report issued by Johnson Matthey that outlines the demand and supply forecasts for platinum group metals (PGMs) for the year 2025. It states that the demand for platinum is expected to exceed supply for the third consecutive year, while the palladium market is predicted to balance after 13 years of deficit. The report highlights that primary platinum supply is anticipated to decline by 3%, influenced by operational issues in South Africa and other factors. It also notes a modest growth in industrial platinum consumption, contrasting with a projected 5% contraction in automotive platinum use due to the rise of battery electric vehicles. The palladium market is expected to stabilize, although automotive demand may decrease. Additionally, the report discusses the rhodium and ruthenium markets, indicating continued deficits and rising demand respectively. The document concludes with comments on the uncertainties affecting PGM demand, particularly in the automotive sector, and the potential impact of increased defense spending on PGM usage.
