Summary
The PGM market report is a comprehensive analysis of the platinum group metals market, focusing on supply and demand dynamics for 2023 and projections for 2024. It details significant deficits in platinum, palladium, and rhodium during 2023, despite a surge in automotive PGM demand driven by increased gasoline car production. The report outlines the impact of market liquidity and negative sentiment on palladium and rhodium prices, which fell dramatically. It also discusses the challenges faced in primary and secondary PGM production, including maintenance issues and a decline in end-of-life vehicle recoveries. The report highlights robust industrial demand, particularly in the glass sector, while noting weaknesses in the electronics sector. Additionally, it addresses investment demand trends and the modest decline in jewellery demand. The report concludes with an analysis of price movements and market balance, indicating that while demand has increased, supplies have not kept pace, leading to significant deficits in all three metals.
