Russian Federation: Platinum Market 2024

Platinum Market Size in the Russian Federation

The Russian platinum market reduced modestly to $X in 2022, flattening at the previous year. Overall, consumption continues to indicate a noticeable shrinkage. Platinum consumption peaked at $X.5B in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Platinum Production in the Russian Federation

In value terms, platinum production shrank to $X in 2022 estimated in export price. In general, production saw a deep slump. The pace of growth was the most pronounced in 2015 when the production volume increased by X% against the previous year. Platinum production peaked at $X.9B in 2012; however, from 2013 to 2022, production remained at a lower figure.

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Platinum Exports

Exports from the Russian Federation

For the third year in a row, Russia recorded decline in overseas shipments of platinum, which decreased by X% to X tons in 2022. Over the period under review, exports, however, posted a buoyant increase. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, platinum exports reduced sharply to $X in 2022. Overall, exports, however, showed a notable expansion. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2021, and then fell remarkably in the following year.

Exports by Country

China (X tons), the UK (X tons) and the United States (X tons) were the main destinations of platinum exports from Russia, together comprising X% of total exports. Hong Kong SAR, Italy, Uzbekistan, Switzerland, Germany, Japan and the Czech Republic lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for platinum exported from Russia were China ($X), the UK ($X) and the United States ($X), with a combined X% share of total exports. Hong Kong SAR, Italy, Uzbekistan, Switzerland, Germany, Japan and the Czech Republic lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Hong Kong SAR, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average platinum export price amounted to $X per kg, falling by X% against the previous year. Overall, the export price saw a noticeable curtailment. The pace of growth appeared the most rapid in 2021 when the average export price increased by X%. The export price peaked at $X per kg in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Czech Republic ($X per kg), while the average price for exports to Japan ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Czech Republic (X%), while the prices for the other major destinations experienced more modest paces of growth.

Platinum Imports

Imports into the Russian Federation

After two years of growth, overseas purchases of platinum decreased by X% to X kg in 2022. In general, imports, however, recorded a strong increase. The pace of growth appeared the most rapid in 2016 when imports increased by X% against the previous year. Imports peaked at X kg in 2021, and then contracted dramatically in the following year.

In value terms, platinum imports declined significantly to $X in 2022. Over the period under review, imports, however, saw significant growth. The pace of growth appeared the most rapid in 2021 when imports increased by X%. As a result, imports reached the peak of $X, and then fell notably in the following year.

Imports by Country

In 2022, the United Arab Emirates (X kg) constituted the largest supplier of platinum to Russia, accounting for a X% share of total imports. Moreover, platinum imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Germany (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from the United Arab Emirates totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Poland (X% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of platinum to Russia, comprising X% of total imports. The second position in the ranking was held by Germany ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United Arab Emirates totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Poland (X% per year).

Import Prices by Country

In 2022, the average platinum import price amounted to $X per kg, rising by X% against the previous year. Overall, the import price saw a strong increase. The growth pace was the most rapid in 2017 an increase of X%. The import price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per kg), while the price for the United Arab Emirates ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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