SMM Forecast for Platinum and Palladium Demand in 2023

SHANGHAI, Feb 22 (SMM) - According to SMM forecast, the total global demand for platinum in 2023 will be 7,770 koz, with a shortfall of 304 koz. At the same time, the total global demand for palladium in 2023 will be 10,342 koz, with a shortfall of 14 koz.

In detail, largest portion of the demand will emerge in the automotive industry, where the demand for platinum will be 2,975 koz, account for 38.3% of the total demand, and the demand for palladium will be 8,446 koz, accounting for 81.7% of its total. The remaining applications include the jewellery, chemicals and petroleum refining industries.

As a pillar downstream sector when it comes to the demand for platinum and palladium, the automotive sector is expected to see a downturn in the production in the first half of the year, which will pick up in the second half.