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Precious metal smelter Johnson Matthey reported on Monday that the platinum market in 2017 may become excess supply, for the first time in six years, because the car with a decrease in demand for platinum catalyst and jewelry sales in China is not busy, pull down platinum demand.
Reported that the supply of primary platinum is expected to be flat next year, but the supply of recycled platinum from the automotive catalyst may rebound.
"Demand is still strong in most industrial sectors, but with more cars in Europe using less catalytic systems for platinum, purchases in the automotive catalyst industry are likely to decline slightly," the report said.
"As the Chinese jewelry industry demand is declining, the market balance or will depend on the car catalyst platinum recycling rate growth, as well as the level of physical investment.Of the latter factor is still basically the same as this year, or next year's platinum market or Will be the first time since 2011 to become oversupply.
Johnson Matthey said that the platinum market this year may be a shortage of 42.2 million ounces. Platinum supply has increased modestly as production in South Africa, a major producer, has fallen, offset by higher production in other regions and increased supply of recycled platinum.
Automotive demand growth may be slightly less than 2% estimated by the growth in demand in Europe, driven by car prices need to consider the European emission regulations more stringent this factor. Japan's platinum section of the physical investment is expected to continue strong.
However, further decline in China's jewelry market, expected to reduce global demand for jewelry by 9%. China's jewelry market is usually the largest demand for platinum in a single plate.
The palladium market is expected to have a shortfall of 651,000 ounces this year as demand for the auto sector rose to a record high of 7.84 million ounces. Mine supply or will be flat, but investors continue to sell palladium.
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