Core Viewpoint - The global platinum market is experiencing a complex interplay of supply and demand dynamics, with a slight increase in supply expected in 2024, while demand continues to grow, particularly in industrial applications and jewelry [1][8][13]. Supply Side - Global platinum supply decreased from 2022 to 2023, but is projected to increase slightly to 227 tons in 2024, a rise of 6 tons year-on-year [8][10]. - The primary source of platinum supply is mining, which accounts for over 70% of total supply, with South Africa and Russia expected to contribute significantly to the increase in 2024 [10][11]. - Global platinum recycling has been declining due to various factors, with total recovery expected to drop to approximately 46 tons by 2024 [10][12]. - China's platinum supply heavily relies on imports, with over 85% of its total supply of approximately 118 tons in 2024 coming from foreign sources [14]. Demand Side - Global platinum demand is anticipated to reach 258 tons in 2024, reflecting a 5% increase year-on-year, with a notable 10% growth in the first quarter of 2025 [13]. - The automotive sector remains the largest consumer of platinum, accounting for 38% of total demand in 2024, although a slight decrease in demand is expected due to reduced vehicle production [6][13]. - Industrial demand for platinum is stable, with significant applications in chemicals, glass, and electronics, while jewelry demand is influenced by macroeconomic factors and consumer confidence [13][14]. - In 2024, jewelry demand is projected to increase by 4 tons to 62 tons, with notable growth in India and historical highs in Europe and North America [13]. Industry Structure - The platinum industry exhibits a "pyramid" structure, with a few major mining companies at the top and numerous end-users, including jewelry and industrial manufacturers, at the bottom [3][4]. - The market is characterized by oligopolistic supply dynamics, where production cuts by upstream miners can significantly impact prices [4].