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Precious metals smelter Johnson Matthey issued a report on Monday saying that the platinum market may be oversupplied for the first time in six years due to reduced demand for platinum used in automotive catalytic converters and sluggish jewelry sales in China, which has lowered demand for platinum. Primary platinum supply is expected to be flat next year, but supply of recycled platinum from automotive catalytic converters is likely to rebound, the report said. The report points out: In most industrial sectors, the demand outlook remains strong, but as more and more cars in Europe adopt catalytic systems with less platinum content, the automotive catalytic converter industry's purchases are likely to decline slightly unless the latter factor remains consistent this year. Basically flat, otherwise the platinum market next year may turn into oversupply for the first time since 2009. The platinum market may be short of 10,000 ounces this year. Platinum supply is expected to have increased slightly.
As car companies need to consider the factor of more stringent European emission regulations, the demand for platinum in the automotive industry has decreased, and demand growth is expected to be slightly less than %. Physical investment in Japanese platinum bars is expected to continue to be strong. However, China’s jewelry market has declined further, which is expected to lead to a % decrease in global jewelry demand. The Chinese jewelry market is usually a single sector with large demand for platinum.
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