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Platinum Supply Gap Widens: Johnson Matthey Report Analysis

Johnson Matthey's latest report on the platinum market reveals an impending supply deficit not seen in a decade, despite some expected declines in vehicle production. The shortfall, exceeding 600,000 ounces, is driven by sustained demand across industries like automotive and industrial applications, particularly in China.

Key Points:

- **Supply Shortfall**: The report predicts a substantial deficit in platinum supply due to maintenance issues in South African smelters and lower scrap stream volumes from end-of-life vehicles.

- **Strong Demand**: Surprisingly, the automotive sector saw an 8% increase in platinum demand in 2023, mainly due to the slower-than-expected adoption of electric vehicles (EVs). Industrial applications in China also contributed to sustained demand.

- **Price Implications**: Despite the supply-demand imbalance, platinum prices have remained relatively subdued, suggesting market complexities beyond simple supply constraints.

Looking Ahead:

The report warns of potential disruptions in South Africa, a crucial platinum producer, and uncertainties around EV adoption rates as key risks to watch. Nevertheless, the persistent supply deficit is expected to define the platinum market's near-term trajectory.

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