GFMS Publishes New ‘Platinum Group Metals Survey 2018’ Report

SEATTLE (Scrap Monster): The newly released Thomson Reuters GFMS ‘Platinum Group Metals Survey 2018’ states that autocatalyst scrap recorded healthy 5% year-on-year growth in 2017. This is the second successive year of growth, with recycling touching a new record high for platinum at 1.2 Moz (37t).

The vehicle emission scandal has helped to lift the recycled volumes in Europe and North America over the past two years. Incidentally, Europe reported 25-30% recycling rate. European autocatalyst recycling rose 9% for platinum. Platinum recycling edged higher marginally by 1% in North America. On the other hand, Japan recorded 3% decline in platinum recycling from autocatalysts. Platinum recycling rose to 0.07 Moz (2 t) in China. Recycling in India too increased during 2017.

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Autocatalyst recycling has recorded steady increase in 2017. Platinum consumed in the production of autocatalyst applications surged higher by 7.1% to 3.8 Moz (108.2 t) during the previous year. This was the fourth consecutive rise, Reuters survey pointed out. Europe continued to remain as the largest consuming region of platinum in autocatalyst applications last year. Europe recorded 45% demand for platinum in autocatalyst market. The estimated demand in North America was 13%. Also, Japan and China reported 10% demand for platinum in the autocatalyst market.

The prices of platinum recorded their lowest annual average in almost 12 years, plunging to 14-year low. The output losses in South Africa, Zimbabwe and Canada led to 1% decline in global refined platinum mine production during the previous year. Looking forward, the platinum market is likely to witness a small deficit of nearly 300,000 oz, mainly on account of contraction in supply from South Africa, coupled with rising demand. Reuters expect platinum prices to witness recovery in 2018.