世界铂金投资协会：全球铂金市场正步入持续短缺周期

Core Viewpoint - The global platinum market is entering a prolonged shortage cycle, driven by supply constraints and strong demand, particularly from China, which is expected to continue for the next five years [1][2]. Supply Side - Global platinum supply is heavily reliant on South Africa, with a mining expansion cycle lasting three years, making it difficult to quickly respond to strong market demand [1]. - The industry is facing a structural deficit that is likely to persist in the coming years, exacerbating supply tensions [1]. Demand Side - China has emerged as a key driver of global platinum demand growth, with significant increases in jewelry, industrial, and investment sectors [1]. - Jewelry demand in China saw a remarkable increase, with platinum jewelry processing volume more than doubling in Q2 2023, and the demand scale for the first half of 2025 approaching the total for 2023 and 2024 [2]. - Investment demand is also robust, with a cumulative growth of 19% in physical platinum investment demand from 2022 to 2024, and a notable shift towards small-scale investment products, which saw a demand increase of over six times year-on-year in Q2 2025 [2]. Market Dynamics - The purchasing behavior in China has shifted from being negatively correlated with prices to being driven by genuine demand, even as platinum prices remain relatively high [2]. - The long-term outlook for platinum investment is positive, with expectations of continued shortages until 2029, and an optimistic view on platinum becoming a growth highlight in the precious metals market [2].