Group 1: Market Overview - The platinum group metals (PGMs) market is unexpectedly stabilizing in 2024 after years of volatility, with prices rebounding and fluctuating within a narrow range despite ongoing macroeconomic and geopolitical uncertainties [1][2] - Demand for the five PGMs exceeds supply, with a projected 16% of global PGM production facing losses due to limited capital investment and corporate restructuring [2][18] Group 2: Production and Supply - In 2024, global PGM production is estimated to be significantly lower than pre-pandemic levels, with mining supply of 5E PGMs remaining constrained [2][11] - Recycling supply of PGMs is expected to increase by 6% year-on-year, driven by recovery in catalytic converter recycling, although it remains 24% below 2021 levels [2] Group 3: Price Projections - Platinum prices are projected to rise to $970 per ounce in 2025, supported by supply shortages, but the increase will be limited due to substantial above-ground stocks [3][18] - Palladium prices are expected to decline by 5% to $930 per ounce in 2025 due to weakening demand from the automotive sector [4][19] - Rhodium prices are forecasted to increase by 8% to $5,000 per ounce in 2025, supported by limited inventory [5][20] - Iridium prices are anticipated to drop by 14% to $4,100 per ounce in 2025, reflecting a high base from 2024 [6][20] - Ruthenium prices are expected to rise by 26% to $550 per ounce in 2025, driven by strong demand [7][21] Group 4: Demand Dynamics - The automotive sector's total demand for PGMs is projected to decline for the first time since 2020, with a 4% decrease in demand for platinum, palladium, and rhodium due to the slowdown in electrification [11] - Industrial demand for PGMs shows significant divergence, with platinum and palladium demand decreasing due to soft chemical industry demand, while rhodium demand is rebounding due to recovery in the glass industry [11][12] - Iridium demand is expected to reach a historical high, driven by expansion in the chemical industry and increased applications in electronics [12]