Platinum prices set to rise amid supply shortages

Reading Time: < 1 minute

The latest report on platinum group metals shows that platinum prices will increase this year, driven by supply shortages.

According to Johnson Matthey’s 2024 PGM market report, platinum is expected to face its largest supply shortfall in a decade.

The supply of the metal is predicted to decline by 2% as Russian shipments return to more normal levels.

In South Africa, the processing backlog of unrefined platinum will help to offset the impact of restructuring by major PGM miners.

Paul Whitburn of Rozendal Partners explains, “There are excess supplies of Palladium and Rhodium, which are the other metals that are mined by these platinum miners. I think those deficits are probably net beneficial for the miners and for the commodity as we would expect the price to start to increase, which would provide a bit of a boost to the economy and certainly to the miners themselves.”