Australia: Platinum Market 2022

Platinum Market Size in Australia

In 2021, the Australian platinum market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption, however, saw a pronounced slump. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Platinum Production in Australia

In value terms, platinum production surged to $X in 2021 estimated in export price. In general, production, however, recorded a deep setback. Platinum production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Platinum Exports

Exports from Australia

In 2021, after four years of growth, there was significant decline in overseas shipments of platinum, when their volume decreased by -36.2% to X tons. Over the period under review, exports saw a mild descent. The most prominent rate of growth was recorded in 2020 when exports increased by 107%. As a result, the exports attained the peak of X tons, and then shrank markedly in the following year.

In value terms, platinum exports soared to $X in 2021. Overall, exports, however, posted a measured increase. The pace of growth was the most pronounced in 2018 with an increase of 63%. Over the period under review, the exports attained the peak figure in 2021 and are likely to see gradual growth in years to come.

Exports by Country

The UK (X tons), Germany (X tons) and South Korea (X kg) were the main destinations of platinum exports from Australia, with a combined 93% share of total exports. These countries were followed by Hong Kong SAR and the United States, which together accounted for a further 5.4%.

From 2012 to 2021, the biggest increases were in Hong Kong SAR (with a CAGR of +112.6%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, South Korea ($X), Germany ($X) and the UK ($X) were the largest markets for platinum exported from Australia worldwide, with a combined 95% share of total exports.

South Korea, with a CAGR of +100.6%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average platinum export price amounted to $X per kg, rising by 146% against the previous year. In general, export price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The export price peaked at $X per kg in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was South Korea ($X per kg), while the average price for exports to the United States ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+103.9%), while the prices for the other major destinations experienced mixed trend patterns.

Platinum Imports

Imports into Australia

In 2021, approx. X tons of platinum were imported into Australia; with a decrease of -5.7% compared with 2020 figures. In general, imports faced a abrupt setback. The most prominent rate of growth was recorded in 2020 with an increase of 29% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, platinum imports soared to $X in 2021. Overall, imports, however, enjoyed buoyant growth. The pace of growth was the most pronounced in 2020 when imports increased by 44%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

The UK (X kg), Germany (X kg) and Switzerland (X kg) were the main suppliers of platinum imports to Australia, together accounting for 79% of total imports. These countries were followed by the United States, South Africa, Norway and Hong Kong SAR, which together accounted for a further 18%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Norway (with a CAGR of +205.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), Germany ($X) and Switzerland ($X) appeared to be the largest platinum suppliers to Australia, with a combined 84% share of total imports. These countries were followed by the United States, South Africa, Norway and Hong Kong SAR, which together accounted for a further 13%.

Norway, with a CAGR of +277.2%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average platinum import price amounted to $X per kg, jumping by 40% against the previous year. In general, the import price posted a prominent increase. The pace of growth was the most pronounced in 2018 an increase of 126%. The import price peaked in 2021 and is likely to continue growth in years to come.

Prices varied noticeably country of origin: the country with the highest price was Norway ($X per kg), while the price for South Africa ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+25.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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