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European Commission | Platinum: Impact assessment for supply security


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ABSTRACT - Russia is the second-largest producer of platinum worldwide and an important supplier to the rest of the world. In 2020, Russia accounted for 13% of global platinum mined production and 7% of world platinum exports.
The platinum market is expected to move into an overall supply deficit until 2030. Consequently, a widespread switch globally towards non-Russian sources of supply is challenging in the aftermath of Ukraine's invasion, even though Russia doesn’t have a dominant role in global supply.
The EU depends to a large extent on imports of refined platinum. It is estimated that imports were half of total EU supply in 2011-2021. Before Russia invaded Ukraine, the EU was mildly dependent on Russia, which provided circa 10% of EU imports of refined platinum in 2021; thus, less than 5% of the total EU supply. EU imports of refined platinum from Russia stopped during July-November 2022.
South Africa along with Zimbabwe are the prominent alternative sources for replacing primary supply from Russia in the EU. The UK is also a potential supplier of refined metal for trade diversification.
Platinum production in the EU from secondary sources moderates supply risks. Given that platinum availability for recycling from spent autocatalysts is expected to decline in the EU in the next decade, the stable flow of secondary raw materials (domestically collected or imported) to EU-based refineries will become increasingly important for supply security

CONTINUE READING ON: publications.jrc.ec.europa.eu

                   

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