(Adds detail, quotes, tables, graphics)
By Peter Hobson
LONDON, Feb 10 (Reuters) - Platinum, palladium and rhodium
used by the auto industry to filter emissions from engine
exhausts were all in short supply last year, data from
specialist materials firm Johnson Matthey showed on
Wednesday, as prices for the metals soared.
Supply shortfalls have driven rapid price gains, with
platinum trading at six-year highs and rhodium
and palladium close to record levels.
A shortfall is expected for palladium and rhodium this year
as well, the third consecutive annual deficit for rhodium and
the tenth for palladium, Johnson Matthey researcher Rupen
Raithatha said.
Platinum may see a third consecutive annual deficit in 2021,
depending on how much metal is stockpiled by investors, he said.
All three metals are used in catalytic converters to reduce
harmful emissions, and tightening environmental regulation is
forcing auto makers to put more into each vehicle. Platinum is
also in demand by other industies, for jewellery and as an
investment.
Johnson Matthey is a leading autocatalyst manufacturer.
It said the 7 million-8 million ounce a year platinum market
was undersupplied by 390,000 ounces in 2020 after a shortfall of
301,000 ounces in 2019.
The 10 million ounce a year palladium market saw a shortfall
of 606,000 ounces, down from 893,000 ounces in 2019.
The 1 million ounce rhodium market was undersupplied by
84,000 ounces last year, up from 38,000 ounces in 2019.
The company said its numbers for 2020 were preliminary
estimates.
Both demand and supply were curtailed by the coronavirus
pandemic, which disrupted mining and recycling and depressed
industrial activity and vehicle and jewellery sales.
Supply was particularly hard hit due to the closure for
several months of a major processing plant run by Anglo American
Platinum (Amplats) in South Africa.
Raithatha said he expected both supply and demand to bounce
back strongly this year as the virus is contained.
He said around 1 million ounces of unprocessed inventory had
built up while the Amplats plant was closed which would be
worked through during 2021 and 2022, adding to supply.
Following are numbers for 2020 and comparisons.
PLATINUM (THOUSANDS OF OUNCES)
2019 2020 % change
SUPPLY
Mine supply 6077 4888 -20%
Recyling 2082 1642 -21%
TOTAL SUPPLY 8159 6530 -20%
DEMAND
Autocatalyst 2858 2224 -22%
Chemical 676 614 -9%
Electronics 230 239 4%
Glass 441 378 -14%
Investment 1131 901 -20%
Jewellery 2056 1581 -23%
230 206 -10%
Petroleum 251 322 28%
Other 587 455 -22%
TOTAL DEMAND 8460 6920 -18%
Physical -301 -390 30%
Surplus/Deficit
PALLADIUM (THOUSANDS OF OUNCES)
2019 2020 % change
SUPPLY
Mine supply 7117 6167 -13%
Recyling 3407 3121 -8%
TOTAL SUPPLY 10524 9288 -12%
DEMAND
Autocatalyst 9672 8497 -12%
Chemical 499 486 -3%
Dental 313 239 -24%
Electronics 714 634 -11%
Investment -87 -186 114%
Jewellery 130 93 -28%
Other 176 131 -26%
TOTAL DEMAND 11417 9894 -13%
Physical -893 -606 -32%
Surplus/Deficit
RHODIUM (THOUSANDS OF OUNCES)
2019 2020 % change
SUPPLY
Mine supply 760 583 -23%
Recyling 357 338 -5%
TOTAL SUPPLY 1117 921 -18%
DEMAND
Autocatalyst 1023 925 -10%
Chemical 60 56 -7%
Electronics 6 6 0%
Glass 45 7 -84%
Other 21 11 -48%
TOTAL DEMAND 1155 1005 -13%
Physical -38 -84 121%
Surplus/Deficit
Source: Johnson Matthey
(Reporting by Peter Hobson; editing by Jason Neely and Elaine
Hardcastle)
我们的标准: 汤森路透“信任原则”