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.
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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).