Modern Mining January 2025

COMMODITIES OUTLOOK

Hydrogen demand for platinum is showing good growth.

Industrial demand for platinum, which eased by an estimated 1% in 2024 to 2,434 koz, and is projected to reduce by a further 9% in 2025 to 2,216 koz, must be understood within the context of the timing of capacity expansions. Last year, fewer chemical plants were commissioned in China, resulting in an estimated 28% fall in chemical demand to 563 koz that was mainly offset by robust demand elsewhere, especially glass, which grew by 29% to 671 koz. Glass capacity additions that were previously expected in 2025 are believed to have occurred in the final quarter of 2024. As a result, the glass segment is

estimated to have achieved its second-best year on record for platinum demand in 2024, pivoting to what is projected to be its weakest year since 2019, this year. Excluding the glass segment, industrial demand is forecast to increase by 9% year-on-year in 2025, underpinned by double digit growth in other segments. Notwithstanding the glass segment, forecast industrial demand in

22  MODERN MINING  www.modernminingmagazine.co.za | JANUARY 2025