On the back of economic recovery, the demand for platinum has increased. In the second quarter of 2021, the industrial demand for platinum rose 46% to exceed pre-Covid levels. In addition, platinum petroleum demand also increased and more than doubled in the second quarter of 2021. There has also been a significant increase in supply of platinum. Supply was up 55% due in large to the fact that South African mines were operating without the Covid shutdowns that were experienced in 2020. It is reported that there are positive long-term signs with an increase in demand which appears to be due to higher loadings and the rising production of heavy-duty vehicles alongside increasing platinum substitution for palladium.
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