Platinum WPIC supplydeficit Platinum fundamentals starting to shift as supply deficit forecasted for 2023 - WPIC
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The analysts revised the expected surplus for this year to 804,000 ounces, a decline of about 17% from its second-quarter projections. However, the biggest highlight of the report is an expected 1.1 million-ounce swing in the supply of the precious metal. While the platinum supplies have been volatile in the last few years, Sterck said there is a strong chance the market will see tighter conditions moving forward. He added that demand continues to grow while supply struggles to keep up.
At the same time, industrial demand, led by the automotive sector, continues to grow. The report said platinum usage in the auto sector increased by 143,000 ounces in the third quarter, jumping 25% from last year. Sterck said that the auto sector continues to struggle with supply chain issues and production is below traditional recessionary levels.
"Driven by anticipated growth in capacity expansions and ongoing strong demand in China, as well as fibreglass plant projects in Egypt, glass demand is expected to jump by 52% to 481 koz," the report said.
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