Fintech PR
Platinum deficit forecast for 2023 now over 1 million ounces on strong automotive and industrial demand growth and flat supply
- Total demand expected to increase 27% in 2023, while total supply will be flat
- Automotive recovery will see 2023 demand up 13% (+381 koz), driven by greater-than-expected vehicle production, increased substitution and higher loadings
- Capacity expansions drive forecast industrial demand in 2023 to a record 2,667 koz
- Strong ETF demand in Q2’23, with 2023 forecast total investment of 386 koz
LONDON, Sept. 6, 2023 /PRNewswire/ — The World Platinum Investment Council – WPIC® – today publishes its Platinum Quarterly for the second quarter of 2023 with an updated full-year forecast.
For the third consecutive quarter, global platinum demand rose, growing 31% (+519 koz) year-on-year in Q2’23. Strong year-on-year demand growth momentum in automotive (+19%, +136 koz) and industrial demand (+12%, +76 koz) added to continued positive investment demand. Meanwhile, refined platinum production fell 4% year-on-year (-65 koz) as did autocatalyst recycling (-13%, -37 koz) and jewellery recycling (-9%, -9 koz). This led to a market deficit of 348 koz for Q2’23, marking platinum’s first two consecutive quarters of deficit since the second half of 2020.
These events, which continue trends seen in the first quarter of this year, have led to another upward revision of the deficit forecast for the full-year 2023 to 1,005 koz, the largest deficit on record in terms of both absolute ounces and as a percentage of annual demand. Total supply is expected to remain flat, aligned with the weak 2022 level of 7,224 koz (-31 koz), while demand is expected to increase significantly by 27% to 8,230 koz (+1,738 koz).
Strong quarterly increase in vehicle production adds to existing drivers for platinum automotive demand growth
Platinum automotive demand rose 19% year-on-year (+136 koz) to 840 koz in Q2’23, as the semiconductor shortage continued to ease, leading to a healthy uplift in vehicle production. Global light-duty vehicle (LDV) production increased 14% year-on-year, while heavy-duty vehicle (HDV) production grew by 18%.
For full-year 2023, automotive platinum demand is being driven higher by increased vehicle production, with LDV and HDV production forecast to grow by 6% and 7% respectively, ongoing substitution of platinum for palladium, and higher platinum group metal (PGM) loadings. Tighter Chinese emissions standards for HDV (effective from 1 July 2023) will see a rise in demand for platinum as PGM-coated particulate filter systems are phased in. These factors will lift 2023 global platinum automotive demand by 13% (+381 koz) to 3,283 koz.
2023 industrial demand forecast revised upwards
Industrial platinum demand totalled 697 koz in Q2’23, a 12% increase year-on-year and its highest level since Q3’21. In particular, the chemical industry saw an 87% year-on-year increase (+109 koz) this quarter thanks to higher demand for platinum-bearing catalysts from the paraxylene industry, which offset contractions in other areas of industrial demand. Looking at 2023 as a whole, the already record-breaking forecast for industrial demand has been revised even higher, to 2,667 koz (+14% year-on-year, +336 koz). This is in large due to capacity expansions in glass (+50%, +251 koz) and chemical (+12%, +82 koz) applications. This will counterbalance lower demand from the electrical (-8%, -9 koz) and petroleum (-11%, -22 koz) segments.
Net investment demand of 386 koz forecast for 2023
As with the previous quarter, Q2’23 saw increased investor interest resulting in net positive investment demand of 154 koz. Platinum ETF holdings grew by 155 koz in Q2’23, their largest quarterly increase since Q3’20 and up 196 koz since the start of the year, with significant renewed interest from South African funds (in preference to PGM mining equities). However, overall ETF holdings are expected to soften during the rest of 2023. Despite a fall in global bar and coin investment to 26 koz (-64%, -46 koz) in the second quarter, full-year 2023 is likely to see a year-on-year jump of 45% (+102 koz), to 326 koz, the first growth in bar and coin investment in three years, driven by a return to positive net platinum investment in Japan. The result will mean net investment demand of 386 koz in 2023.
Total supply remains constrained
Refined mine production declined 4% (-65 koz) year-on-year in Q2’23, totalling 1,464 koz, as increases from North America and Russia were heavily outweighed by a decline from South Africa. Following three consecutive quarters of declining supply, South African output improved this quarter, reaching 1,028 koz. Nevertheless, this was still a 9% decline (-101 koz) year-on-year, primarily due to processing-asset maintenance in addition to disruption due to Eskom load curtailment. For 2023, mined platinum supply is forecast to be flat on 2022 (5,565 koz), although South African platinum supply remains vulnerable to ongoing electricity shortages.
Global recycling of platinum declined 12% (-46 koz) year-on-year to 345 koz in Q2’23. Supply from spent autocatalysts was down 13% (-37 koz) year-on-year, with lower-than-expected end-of-life vehicle supply persisting. Full-year platinum recycling supply is forecast to fall by 4% to 1,620 koz.
Trevor Raymond, CEO of the World Platinum Investment Council, commented: “The core drivers of platinum’s expected 27% demand growth in 2023 – including strong growth in automotive and industrial demand – were clear to see in Q2, and built upon foundations laid in the previous two quarters. These favourable conditions are expected to continue in 2023. Looking beyond today’s Platinum Quarterly, our research shows that automotive and industrial demand growth underpin total demand growth in 2024 and beyond. This offers both short and long-term value incentives for investors, as well as protection from downside risks presented by inflationary headwinds and high interest rates. Meanwhile, continuing electricity shortages in major producer South Africa have exacerbated the deficit and maintained downside risk to mined supply. In Q2’23, this combination of demand growth and constrained supply was met by strong ETF inflows, all of which have contributed to a widening gap between the supply of, and demand for, platinum.
“As the deficit grows, it is important to highlight the reducing availability of above ground stocks to meet this deficit, and to consider the consequences of that. By the end of 2023, above ground stocks will represent only five months of annual demand, with most of these stocks held in China and not readily able to be exported to meet global shortfalls, increasing concerns over metal availability. This, combined with sustained demand growth and mine supply remaining at risk further strengthens the investment case for platinum.
“Similarly, the link between platinum and the hydrogen economy is increasingly well-known. Green hydrogen produced by platinum-containing electrolysers has a significant role to play in the energy transition. While hydrogen-related platinum demand is relatively small in 2023 – of more relevance in a tight market – it is expected to grow substantially in the medium term and could become a proxy for investors looking for exposure to global decarbonisation.”
Disclaimer
Neither the World Platinum Investment Council nor Metals Focus is authorised by any regulatory authority to give investment advice. Nothing within this document is intended or should be construed as investment advice or offering to sell or advising to buy any securities or financial instruments and appropriate professional advice should always be sought before making any investment. For further information, please visit www.platinuminvestment.com
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Fintech PR
2025 Will See Increased QR Code Payments but Payment Card IC ASPs Will Not Return to Pre-Covid Levels
ABI Research’s 5th annual Trend Report identifies the key Digital Payment Technologies trend that will come to fruition —and the 1 that won’t—in 2025
NEW YORK, Dec. 24, 2024 /PRNewswire/ — As 2025 kicks off, predictions abound on the technology innovations expected in the year ahead. In its new whitepaper, 101 Technology Trends That Will—and Won’t—Shape 2025, analysts from global technology intelligence firm ABI Research. ABI Research analysts identify 54 trends that will shape the technology market and 47 others that, although attracting vast amounts of speculation and commentary, are less likely to move the needle over the next twelve months. In the Digital Payment Technologies space, 2025 will see increased QR code payment acceptance but little growth for payment card IC ASPs.
“2024 has been marked by challenges, from global conflicts and inflationary pressures to political uncertainty. These factors have strained enterprise and consumer spending, leading to market inertia, short-term technology investments, sidelined capital, and the exposure of vulnerable suppliers,” says Stuart Carlaw, Chief Research Officer at ABI Research. “From a technology perspective, many industries and end markets are in that awkward stage of technology adoption where they are formulating implementation strategies, assessing solutions and partners, and trying to see if they have the resources needed to roll out solutions at scale. This is a particularly sensitive time, which tends to suggest 2025 will have tech implementers and end users on the brink of a period of a massive technology shift as they work through these issues.”
What Will Happen in 2025:
QR code payment acceptance will continue to increase with use cases expanding
Although QR code payment acceptance is prevalent in countries such as China and growing in emerging digital payment markets, including in India, use cases and potential growth areas are not limited to these countries. Significant and continued investments by vendors, including PayPal, Stripe, and SumUp, are setting the foundation for increased adoption in other mature and established economies with use cases expanding. Although QR codes are already being used by many Small and Medium Enterprises (SMEs) and pop-up retail businesses, 2025 will mark the year when the technology begins to shift from one niche to partial mainstream.
What Won’t Happen in 2025:
Payment card IC ASPs will not return to pre-COVID-19 levels
Since the COVID-19 pandemic, chipset pricing has been on a continual rise, driven by increased pricing in myriad manufacturing areas, including energy, raw material, transit pricing, and inflation, driving up wages. The chip shortage further compounded this, and according to ABI Research, the Average Selling Price (ASP) for a payment card Integrated Circuit (IC) increased by approximately +30% between 2020 and 2023. However, despite pricing pressures returning, the cost of payment ICs is some years away from matching pre-COVID-19 levels. Although 2025 will mark another year of pricing deprecation, it will not be until around 2028 when pricing is expected to drop to levels similar to those achieved in 2019 steadily.
For more trends that will and won’t happen in 2025, download the whitepaper, 101 Technology Trends That Will—and Won’t—Shape 2025.
About ABI Research
ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers.
ABI Research是一家全球性的技术情报公司，拥有得天独厚的优势，充当终端市场公司和技术解决方案提供商之间的桥梁，通过提供独家研究和专业性指导，推动成功的技术实施和提供经证明可吸引和留住客户的战略，无缝连接这两大主体。
For more information about ABI Research’s services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.
Contact Info:
Global
Deborah Petrara
Tel: +1.516.624.2558
[email protected]
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Fintech PR
Bybit Champions Web3 Innovation and Strengthens Ties with Asia’s Crypto Community at Taipei Blockchain Week
DUBAI, UAE, Dec. 24, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange, debuted at the Taipei Blockchain Week Dec. 12 to 14, 2024, spotlighting the vibrant Web3 innovations on its platform alongside a dynamic roster of its strategic Layer 1 ecosystem partners.
Featuring side events in collaboration with the Solana Foundation, the Sui Foundation, and a dazzling lineup of multichain projects, Bybit Web3 dedicated the Taipei tour to building up communities and deepening connections with Web3 ecosystem partners. The Bybit delegation also took the stage to uncover the latest insights on Web3, building with a purpose, and the future of blockchain utilities and DeFi.
Purpose, Innovation, and Partnerships
Representing Bybit at the conference were MK Chin, Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3, and Angela Huang, Bybit VIP Relationship Manager, at various panels.
Expanding on blockchain technology’s potential in building better realities for all, Chin joined as a panellist in the session Marketing Web3: Strategies to Engage and Onboard the Next Billion Users. Chin shared learnings and actionable insights from the Bybit-supported Blockchain for Good initiative (BGA), elaborating on both real-world utilities of blockchain technologies and the trickling down of benefits to grassroot communities.
Meanwhile, Angela Huang moderated three sessions closely tied to Bybit’s mission, steering conversations on crucial industry topics:
- The panel Bridging TradFi and DeFi: The Exchange’s Role in User Onboarding on Dec. 12 examined how exchanges could elevate access to the digital economy for users at scale.
- On Dec. 13, Networked Intelligence: The Rise of Decentralized AI explored the intersection of blockchain and AI, showcasing their potential to transform and democratize finance.
- The Building for Impact: How Female Founders Drive Purpose-Driven Innovation panel on Dec. 14 highlighted the evolving role of women leaders in driving solution-oriented innovation.
Another highlight at the event was amplified globally via Bybit Livestream. Collaborating with the Sui Foundation, Ondo, DeepBook, Scallop, NAVI, and other leading projects, Bybit Web3 led a critical debate on the future of Sui’s growth strategy: Sui Ecosystem Showdown: Mass Adoption vs. Native Growth. Hosted by Emily Bao, Head of Web3 and Spot at Bybit, the livestream attracted over 6,500 viewers live at the Taipei Blockchain Week and globally on Dec. 13.
Deepening Bonds: Key Web3 Ecosystems and Communities
Bybit Web3 brought the local community closer to its world-class ecosystem partners with engaging community events, co-hosting Taiwan DeFi Flow with Sui and Scallop on Dec. 12, and Solana Ecosystem Taipei Greetings with the Solana Foundation and Solar with the support of Orderly Network, Zetachain, Jupiter, and Sonic, on Dec. 14. Through collaborations and innovation, Bybit Web3 opens up new on-chain possibilities for partners and stakeholders to expand the Web3 universe.
These relaxed evening gatherings provided a convivial backdrop for like-minded builders and entrepreneurs to network, exchange ideas, and celebrate their shared enthusiasm for DeFi and dApps in Asia’s growing Web3 innovation hub.
“It’s been an incredible experience connecting with the builders, believers, users, creators, and supporters driving innovation on Solana and Sui. These moments remind us of the heart and spirit of Web3—a vibrant ecosystem shaped by collaboration and shared vision. I’m deeply proud to witness this growth, grateful for every connection made, and excited for the road ahead,” said MK Chin, Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3.
“Taipei Blockchain Week showcased the immense growth and potential of Web3 innovation in Asia. Representing Bybit, I had the honor to collaborate with industry leaders to explore Web3’s limitless possibilities, from DeFi and AI to real-world applications. Together, we are shaping a more inclusive global crypto community,” said Angela Huang, Bybit VIP Relationship Manager.
In the past year, Bybit has seen exponential growth in its user base, surging to over 60 million by the end of 2024. It has also invested in vertical growth through community engagements across the world. Connected by the passion for the future of crypto, blockchain, and Web3, the Bybit family is on track to building an inclusive and sustainable path to growth for the industry.
#Bybit / #TheCryptoArk / #BybitWeb3
About Bybit Web3
Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.
Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 50 million users globally.
Join the revolution now and open the door to your Web3 future with Bybit.
For more details about Bybit Web3, please visit Bybit Web3.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media
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TIANJIN, China, Dec. 24, 2024 /PRNewswire/ — On December 7, 2024, AIMA Technology Group warmly invited a delegation of five top-performing U.S. IBD dealers to visit its headquarters. Accompanying the group was Angela Zheng, CEO of AIMA’s U.S. subsidiary, AIMA EBIKE, along with her sales, marketing, and customer service teams. This visit not only marked a deepened connection between AIMA and the mainstream U.S. market but also provided U.S. dealers with a valuable opportunity to witness AIMA Technology’s globally leading capabilities in research, development, and manufacturing of electric mobility solutions.
The delegation first toured AIMA’s state-of-the-art factory in Tianjin. Aima Technology possesses production factories with extremely high levels of intelligent manufacturing Additionally, AIMA has integrated advanced technologies such as AI visual recognition and established a CNAS-certified R&D laboratory, maintaining its industry leadership in intelligent transformation. During the tour, the dealers were deeply impressed by AIMA’s cutting-edge technology, large-scale production capabilities, and relentless pursuit of excellence in product development and manufacturing. They expressed that this rare visit not only enhanced their understanding of AIMA but also strengthened their confidence in promoting AIMA products as a symbol of outstanding performance and exceptional quality to their customers.
Furthermore, AIMA Technology’s R&D team engaged in in-depth discussions with the dealers regarding the new models AIMA EBIKE plans to launch in 2025. The dealers test-rode prototypes of the latest models and shared their innovative insights. They expressed high praise for AIMA’s product innovation capabilities and market acumen, recognizing these as key factors that distinguish AIMA in the industry.
Later, the dealers joined AIMA Technology’s team to witness the rollout of the 10,000th AIMA E-Bike. This milestone moment showcased AIMA’s exceptional manufacturing strength and market influence. The dealers were inspired and expressed strong confidence in the promising future of their partnership with AIMA.
This visit from the top-tier U.S. dealer delegation not only deepened mutual trust and friendship but also injected new momentum into AIMA’s ambition to become a leader in the U.S. E-Bike industry by focusing on the IBD channel. Looking ahead, AIMA Technology will continue to strive to provide market-leading performance and quality, enhancing its product development and manufacturing capabilities while working hand-in-hand with global dealers to create an even brighter future.
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