SMM Forecast for Platinum and Palladium Demand in 2023

Published: Feb 22, 2023 13:42

Source: SMM

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According to SMM forecast, the total global demand for platinum in 2023 will be 7,770 koz, with a shortfall of 304 koz.

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.

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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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