A precious metal with several industrial uses, platinum is popular for its outstanding qualities. It is a highly molten, silvery-white, dense metal with outstanding corrosion resistance. Platinum is an efficient catalyst since it speeds up chemical reactions without being consumed.
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It is widely utilized in chemical production, fuel cell technology, and automotive catalytic converters. This metal is useful for electrical contacts, thermocouples, and other electronic applications because of its high electrical conductivity. It is also suited for medical implants like pacemakers, electrodes, and surgical tools since it is physiologically inert and does not react with bodily tissues.
Key Details About the Platinum Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on the Platinum price in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as excel files that can be used offline.
The Platinum Price chart, including India Iron price, USA Iron price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting Platinum Price Trend:
Platinum is a key component of catalytic converters, which facilitates the conversion of pollutants into less dangerous chemicals, hence assisting in the reduction of harmful emissions from cars. The manufacturing of fertilizers, medicines, polymers, and other compounds like nitric acid all use platinum as a catalyst. Platinum is valuable in electrical contacts, thermocouples, and spark plugs due to its superior conductivity and resistance to oxidation. Because of its high melting point and chemical resistance, platinum is employed in manufacturing glass and glass fibers as well as glassware. To transform crude oil into useful products like petrol, diesel, and petrochemicals, refining methods use platinum-based catalysts. In medical implants including pacemakers, defibrillators, and electrodes, platinum is utilized because of its biocompatibility and corrosion resistance. Due to its strength, elegance, and scarcity, platinum is sought for use in high-end jewelry, watches, and other luxury items. Numerous aerospace uses, such as sensor systems, fuel cells for space travel, and parts of jet engines all make use of platinum.
Key Players:
- Johnson Matthey
- Acros Organics
- Anglo American Platinum Ltd.
- Sibanye-Stillwater
- Norilsk Nickel Mining and Metallurgical Company
- Russian Platinum
News & Recent Development
- 23 May 2023– Record platinum deficit of 1 million ounces expected for 2023 as demand surges and supply is at risk – WPIC – According to the most recent projections, there will be a record-low supply of platinum in 2023, the World Platinum Investment Council reported, as demand increases and supply remains extremely constrained. According to the most recent projection, this year’s deficit will be 983,000 ounces, up 77% from last year, with demand up 28% and supply down 1% from 2022, according to Edward Sterck, director of research at the World Platinum Investment Council, who spoke to Kitco News.
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