Platinum Price Trend and Forecast

Regional Price Overview

Get the latest insights on price movement and trend analysis of Platinum in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Platinum Price Trend for the Second Half of 2023

Platinum prices were observed to be rising during the second half of the year 2023. Increased demand and stagnant supplies pushed the price graph in an upward direction. As per the World Platinum Investment Council, the total platinum demand is expected to show a whopping 24% year-on-year rise.

Platinum Price Chart

Platinum Price Trends

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So, the council described it as a global platinum deficit during the said period, this rise in demand when the supplies are dwindling caused prices to head up. These demands are coming from various downstream sectors.

The steadily recovering automobile sector drove the demand upswing with an approx—6% rise in light-duty and a 7% rise in heavy-duty vehicle production. The Chinese government implemented stricter emission standards which led to an increased integration of platinum group metals (PGMs) coated particulate filter systems.

On the other hand, the refined mine production of platinum has dialed down by approx.—4% over the last year. The recycling volumes have also come down. Because of this gap between supply and demand dynamics the global platinum prices rose throughout the said period.

Analyst Insight

According to Procurement Resource, Platinum prices are expected to rise further in the coming months as dictated by the current supply and demand outlooks.

Platinum Price Trend for the First Half of 2023

In the first two quarters of 2023, the platinum market witnessed a price decline due to the economic downturn and slower growth rate observed in China.

On the other hand, despite this, demand for platinum from investors, car manufacturers, and industries remained strong, as it was driven in part by the substitution of palladium with platinum in gasoline after-treatment systems.

In the US markets, the supply constraints were caused by reduced mine production and high uncertainties in South Africa's electricity availability. A similar trend was seen in the European countries also. Due to the unfavorable market dynamics, the spot FD prices of platinum in Europe fell from approximately 1061 USD/troy ounce in January’23 to almost 981 USD/troy ounce in June’23.

In addition to this, the current sluggish world economy has led to subdued demand for platinum and other key materials that are used in car manufacturing. Further, the reduced car sales, along with the adoption of alternatives in electric vehicles, have further dampened demand for platinum and related metals.

Analyst Insight

According to Procurement Resource, the price of Platinum is expected to depict an oscillating trend as the demand for platinum is moving in the upward direction, but the current market dynamics are hampered by the slow movement of the economy and the decline in the number of sales of the automotive sector are challenging the growth of platinum price trend.

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.

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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.

Product Details

Report Features Details
Product Name Platinum
Industrial Uses Catalyst, Electronics, Jewels, Thermocouples, Optical fibres, LCDs, Turbine blades, Spark plugs, Pacemakers , Dental fillings.
Chemical Formula Pt
Synonyms 7440-06-4, Platinum Black, Platin, Platinum sponge
Molecular Weight 195.08 g/mol
Supplier Database Johnson Matthey, Acros Organics, Anglo American Platinum Ltd, Sibanye-Stillwater, Norilsk Nickel Mining and Metallurgical Company, Russian Platinum
Region/Countries Covered Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand

Europe: Germany, France, United Kingdom, Italy,  Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece

North America: United States and Canada

Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru

Africa: South Africa, Nigeria, Egypt, Algeria, Morocco
Currency US$ (Data can also be provided in local currency)
Supplier Database Availability Yes
Customization Scope The report can be customized as per the requirements of  the customer
Post-Sale Analyst Support 360-degree analyst support after report delivery

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.

Production Process

  • Production of Platinum via Froth Flotation Process

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.


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).

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