GraniteShares Platinum Trust
For the period ended Jun 30, 2024. Filed Aug 15, 2024.
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FY2024 · Filed Aug 15, 2024
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Overview of the platinum industry
Introduction
This section provides a brief introduction to the platinum industry by looking at some of the key participants and detailing the primary sources of demand and supply.
Platinum Group Metals
Platinum and palladium are the two best known metals of the six platinum group metals (PGMs). Platinum and palladium have the greatest economic importance and are found in the largest quantities. The other four—iridium, rhodium, ruthenium and osmium—are produced only as co-products of platinum and palladium.
Primary sources of supply and demand
Main demand for platinum is mainly autocatalyst and jewelry. It is sourced through mining (74%) and recycling (26%).
The Mining and Producer Sector
This group includes mining companies that specialize in PGM production. PGMs are found primarily in South Africa (65% of the total mine production) and Russia (14% of the total mine production).
Autocatalyst
Autocatalyst is the main source of demand for platinum, with approximately 31% of the total demand, and is used primarily for diesel engines. Recycling autocatalyst is also a significant source of supply, with 17% of the total supply.
Jewelry
Jewelry is the second source of demand for platinum, representing approximately 23% of the total demand. Recycling jewelry accounts for approximately 8% of the total supply.
World Platinum Supply and Demand 2019–2023
The following table sets forth a summary of the world platinum supply and demand for the last five years and is based on information reported by the PGM 2023 Market Report prepared by Johnson Matthey.
| (000 ounces) | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Supply | |||||
| Mine Production | |||||
| South Africa | 4,344 | 3,243 | 4,609 | 3,965 | 4,001 |
| Russia | 721 | 699 | 638 | 600 | 780 |
| North America | 367 | 334 | 279 | 266 | 288 |
| Others | 605 | 687 | 687 | 699 | 722 |
| Total Mine Production | 6,037 | 4,963 | 6,213 | 5,530 | 5,791 |
| Automotive | 1,389 | 1,154 | 1,234 | 1,153 | 1,036 |
| Jewelry and Electrical Recycling | 703 | 544 | 411 | 315 | 264 |
| Total Supply | 8,129 | 6,661 | 7,858 | 6,998 | 7,091 |
| Demand | |||||
| Automotive | 2,589 | 2,024 | 2,405 | 2,762 | 3,342 |
| Jewelry | 2,073 | 1,657 | 1,468 | 1,344 | 1,361 |
| Chemical | 665 | 615 | 677 | 699 | 647 |
| Electronics | 215 | 226 | 259 | 235 | 195 |
| Glass | 468 | 507 | 908 | 594 | 776 |
| Investment | 1,131 | 1,022 | (28) | (565) | 46 |
| Medical and biomedical | 254 | 218 | 224 | 235 | 264 |
| Other | 994 | 879 | 865 | 954 | 529 |
| Total Demand | 8,409 | 7,205 | 6,724 | 6,431 | 7,609 |
| Movement in Stocks | (280) | (542) | 1,135 | 472 | (518) |
Source: Johnson Matthey, PGM Market Report 2023, published May 2024
Historical Chart of the Price of Platinum
The price of platinum is volatile and its fluctuations are expected to have a direct impact on the value of the Shares. However, movements in the price of platinum in the past, and any past or present trends, are not a reliable indicator of future movements.
Source: Bloomberg
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