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Platinum demand increases
September 2021

Platinum demand increases

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.