Traders sharply reduced their price forecasts for platinum and palladium after a chip shortage forced automakers to reduce production of vehicles containing the metals in 2021. Automobile manufacturers account for approximately 40% of platinum demand and 80% of palladium demand, with platinum and palladium embedded in exhaust systems to neutralise harmful emissions. The chip shortage grew worse over the summer of 2021 and is expected to continue this year as well.
It contributed to platinum prices falling from a seven-year high of 1,336.50 USD/oz in February to as low as 901.30 USD/oz in May. It was anticipated that platinum would average 1,000 USD/oz in the final three months of 2021 and 1,110 USD/oz in 2022.
Procurement Resource provides latest prices of Platinum. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.
Procurement Resource provides prices of Platinum for several regions around the globe, as follows:
In appearance, Platinum is silvery, whitish-gray, malleable, ductile metal. It is shipped as a finely divided powder (platinum black), as a sponge, as well as particles deposited on a supporting material like alumina. It has a strong catalytic activity in different forms. It is highly resistant to corrosion and is widely used as jewels.
In the froth flotation process, first step is to crush platinum containing ore and immerse it in the reagent containing water. During the flotation, air is pumped through the ore-water slurry, leading Platinum particles to rise to the surface in a froth, which is further skimmed for refining and obtaining Platinum.
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).
We aim to provide one-stop solution for all procurement and sourcing information by engaging newest form of technology and methodology. Our team of analysts offers compete and all-round support and are ready with answers to any questions related to the reports after they are purchased by our clients.
Procurement Resource supports its clients with highly customised reports that are created focussing on their needs and requirements. We also provide our clientele with specialised assessments and evaluations for their procurement team which help them take timely decisions and strategize their plan of actions according to the present need of the market.
We follow an extensively results-driven approach to provide our clients with superior quality solutions and most newly gathered information that helps our clients to attain procurement brilliance. Our team of experts concentrate on presenting both qualitative aspect and accuracy of the report.