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Platinum 2012: platinum: autocatalyst
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MARKETS AND BUSINESS Platinum 2012: platinum Gross demand for platinum in autocatalysts increased by 1% to 3.11 M oz in 2011. Purchasing in the heavy duty diesel sector grew strongly but this was partly offset by substitution with palladium in light duty diesels. Depressed levels of output by Japanese vehicle manufacturers also affected platinum demand. Physical investment demand for platinum was positive at 460,000 oz in 2011 but at a lower level than in 2010. Industrial demand for platinum reached a new high of 2.05 M oz in 2011 led by strong purchasing in the glass manufacturing sector and new catalyst installations in the petrochemical industry. Original Source: Johnson Matthey Platinum, May 2012, (2012), 27 (Johnson Matthey PLC, Precious Metals Marketing, Orchard Road, Royston, Hertfordshire SG8 5HE, UK, tel: +44 (0)1763 256315, fax: +44 (0)1763 256338, website: http://www.platinum.matthey.com) © Johnson Matthey plc 2012
Platinum 2012: platinum: autocatalyst The bulk of growth in demand for platinum in autocatalysts in 2011 came from higher production of heavy duty diesel trucks. Globally, 515,000 oz of platinum was purchased in this sector, an increase of some 27% on 2010, with most of the increase in the USA and Mexico. Although the share of diesel vehicles sold in Europe rose again in 2011, as buyers chose more fuel-efficient engines, total demand for platinum declined slightly as it was increasingly substituted by palladium. In the Rest of the World region, platinum demand grew strongly. A table gives gross and net demand for platinum for autocatalysts in 2010 and 2011 for Europe, Japan, North America, China, and the Rest of the World. Recycling volumes are also included. Original Source: Johnson Matthey Platinum, May 2012, (2012), 27 (Johnson Matthey PLC, Precious Metals Marketing, Orchard Road, Royston, Hertfordshire SG8 5HE, UK, tel: +44 (0)1763 256315, fax: +44 (0)1763 256338, website: http://www.platinum.matthey.com) © Johnson Matthey plc 2012
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Platinum 2012: platinum: autocatalyst: Europe
Platinum 2012: platinum: autocatalyst: North America
Diesel vehicles took a 52% share of European light duty production last year but continuing efforts to further substitute platinum with palladium in diesel emissions systems led to declining platinum demand in the light duty sector. Despite a rise in purchases of platinum by the heavy duty sector due to higher truck output, platinum demand in the European autocatalyst sector fell last year to 1.47 M oz. The greater use of palladium in diesel autocatalyst formulations accounted for, on average, almost one third of the pgm in a European diesel autocatalyst in 2011. The introduction of Euro VI technology is positive for platinum demand as most manufacturers will fit platinum-containing diesel oxidation catalysts (DOCs) and diesel particulate filters (DPFs) as well as selective catalytic reduction (SCR) to meet the new standards. The move from Euro V to Euro VI means, in general terms, the addition of three new catalyst components, each containing platinum.
Pent-up demand for heavy duty vehicles, as well as a renewed appetite for diesel pickup trucks, helped raise vehicle output in North America in 2011. Improving economic conditions, cheap credit, and competitive pricing pushed up sales of light duty vehicles in North America to 14.4 M, the highest since 2008. Due to lean vehicle inventories following the recession, higher sales translated into greater manufacturing levels, and overall production rose by almost 10% to 10.9 M vehicles. Lower production of vehicles in North America by Japanese manufacturers following the Mar 2011 disaster contributed to a decline in platinum demand in light duty gasoline autocatalysts. Growth in light duty diesel truck output helped raise the diesel share of light duty vehicle production to 5%, which increased demand for platinum in diesel catalysts. With fuel economy being crucial in the heavy duty sector, passive regeneration systems are typically used (which consist of a DOC, DPF and SCR, often in conjunction with an ASC). This is positive for platinum, which is used in the DOC, DPF and ASC components. Purchasing of platinum by the heavy duty diesel sector rose to 150,000 oz.
Original Source: Johnson Matthey Platinum, May 2012, (2012), 27-28 (Johnson Matthey PLC, Precious Metals Marketing, Orchard Road, Royston, Hertfordshire SG8 5HE, UK, tel: +44 (0)1763 256315, fax: +44 (0)1763 256338, website: http://www.platinum.matthey.com) © Johnson Matthey plc 2012
Platinum 2012: platinum: autocatalyst: Japan Total Japanese vehicle production fell by 13% to 8.1 M units in 2011 as auto manufacturers and component suppliers alike struggled with factory closures and power shortages in the aftermath of the Great East Japan Earthquake. Although some carmakers were also hit by component shortages resulting from flooding at suppliers in Thailand in 4Q, by the end of 2011 production in Japan had largely recovered to preearthquake levels. Overall, platinum demand in the Japanese auto sector fell by 9% to 500,000 oz in 2011. Original Source: Johnson Matthey Platinum, May 2012, (2012), 28 (Johnson Matthey PLC, Precious Metals Marketing, Orchard Road, Royston, Hertfordshire SG8 5HE, UK, tel: +44 (0)1763 256315, fax: +44 (0)1763 256338, website: http://www.platinum.matthey.com) © Johnson Matthey plc 2012
Original Source: Johnson Matthey Platinum, May 2012, (2012), 28 (Johnson Matthey PLC, Precious Metals Marketing, Orchard Road, Royston, Hertfordshire SG8 5HE, UK, tel: +44 (0)1763 256315, fax: +44 (0)1763 256338, website: http://www.platinum.matthey.com) © Johnson Matthey plc 2012
Platinum 2012: platinum: autocatalyst: China There was a slowdown in the rate of growth in light duty vehicle production in China in 2011 to around 5% as the government attempted to cool down an overheating car market by the removal of subsidies and the imposition of limits on new car registrations in some cities. Gross demand for platinum in the Chinese autocatalyst sector rose, however, to 110,000 oz. The slowing of the Chinese car market mainly affected production of smaller gasoline models by Chinese domestic manufacturers, which tend to be fitted with palladiumrhodium three-way catalysts (TWCs).
SEPTEMBER 2012
MARKETS AND BUSINESS Platinum 2012: platinum Gross demand for platinum in autocatalysts increased by 1% to 3.11 M oz in 2011. Purchasing in the heavy duty diesel sector grew strongly but this was partly offset by substitution with palladium in light duty diesels. Depressed levels of output by Japanese vehicle manufacturers also affected platinum demand. Physical investment demand for platinum was positive at 460,000 oz in 2011 but at a lower level than in 2010. Industrial demand for platinum reached a new high of 2.05 M oz in 2011 led by strong purchasing in the glass manufacturing sector and new catalyst installations in the petrochemical industry. Original Source: Johnson Matthey Platinum, May 2012, (2012), 27 (Johnson Matthey PLC, Precious Metals Marketing, Orchard Road, Royston, Hertfordshire SG8 5HE, UK, tel: +44 (0)1763 256315, fax: +44 (0)1763 256338, website: http://www.platinum.matthey.com) © Johnson Matthey plc 2012
Platinum 2012: platinum: autocatalyst The bulk of growth in demand for platinum in autocatalysts in 2011 came from higher production of heavy duty diesel trucks. Globally, 515,000 oz of platinum was purchased in this sector, an increase of some 27% on 2010, with most of the increase in the USA and Mexico. Although the share of diesel vehicles sold in Europe rose again in 2011, as buyers chose more fuel-efficient engines, total demand for platinum declined slightly as it was increasingly substituted by palladium. In the Rest of the World region, platinum demand grew strongly. A table gives gross and net demand for platinum for autocatalysts in 2010 and 2011 for Europe, Japan, North America, China, and the Rest of the World. Recycling volumes are also included. Original Source: Johnson Matthey Platinum, May 2012, (2012), 27 (Johnson Matthey PLC, Precious Metals Marketing, Orchard Road, Royston, Hertfordshire SG8 5HE, UK, tel: +44 (0)1763 256315, fax: +44 (0)1763 256338, website: http://www.platinum.matthey.com) © Johnson Matthey plc 2012
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C ATA LY S T S
Platinum 2012: platinum: autocatalyst: Europe
Platinum 2012: platinum: autocatalyst: North America
Diesel vehicles took a 52% share of European light duty production last year but continuing efforts to further substitute platinum with palladium in diesel emissions systems led to declining platinum demand in the light duty sector. Despite a rise in purchases of platinum by the heavy duty sector due to higher truck output, platinum demand in the European autocatalyst sector fell last year to 1.47 M oz. The greater use of palladium in diesel autocatalyst formulations accounted for, on average, almost one third of the pgm in a European diesel autocatalyst in 2011. The introduction of Euro VI technology is positive for platinum demand as most manufacturers will fit platinum-containing diesel oxidation catalysts (DOCs) and diesel particulate filters (DPFs) as well as selective catalytic reduction (SCR) to meet the new standards. The move from Euro V to Euro VI means, in general terms, the addition of three new catalyst components, each containing platinum.
Pent-up demand for heavy duty vehicles, as well as a renewed appetite for diesel pickup trucks, helped raise vehicle output in North America in 2011. Improving economic conditions, cheap credit, and competitive pricing pushed up sales of light duty vehicles in North America to 14.4 M, the highest since 2008. Due to lean vehicle inventories following the recession, higher sales translated into greater manufacturing levels, and overall production rose by almost 10% to 10.9 M vehicles. Lower production of vehicles in North America by Japanese manufacturers following the Mar 2011 disaster contributed to a decline in platinum demand in light duty gasoline autocatalysts. Growth in light duty diesel truck output helped raise the diesel share of light duty vehicle production to 5%, which increased demand for platinum in diesel catalysts. With fuel economy being crucial in the heavy duty sector, passive regeneration systems are typically used (which consist of a DOC, DPF and SCR, often in conjunction with an ASC). This is positive for platinum, which is used in the DOC, DPF and ASC components. Purchasing of platinum by the heavy duty diesel sector rose to 150,000 oz.
Original Source: Johnson Matthey Platinum, May 2012, (2012), 27-28 (Johnson Matthey PLC, Precious Metals Marketing, Orchard Road, Royston, Hertfordshire SG8 5HE, UK, tel: +44 (0)1763 256315, fax: +44 (0)1763 256338, website: http://www.platinum.matthey.com) © Johnson Matthey plc 2012
Platinum 2012: platinum: autocatalyst: Japan Total Japanese vehicle production fell by 13% to 8.1 M units in 2011 as auto manufacturers and component suppliers alike struggled with factory closures and power shortages in the aftermath of the Great East Japan Earthquake. Although some carmakers were also hit by component shortages resulting from flooding at suppliers in Thailand in 4Q, by the end of 2011 production in Japan had largely recovered to preearthquake levels. Overall, platinum demand in the Japanese auto sector fell by 9% to 500,000 oz in 2011. Original Source: Johnson Matthey Platinum, May 2012, (2012), 28 (Johnson Matthey PLC, Precious Metals Marketing, Orchard Road, Royston, Hertfordshire SG8 5HE, UK, tel: +44 (0)1763 256315, fax: +44 (0)1763 256338, website: http://www.platinum.matthey.com) © Johnson Matthey plc 2012
Original Source: Johnson Matthey Platinum, May 2012, (2012), 28 (Johnson Matthey PLC, Precious Metals Marketing, Orchard Road, Royston, Hertfordshire SG8 5HE, UK, tel: +44 (0)1763 256315, fax: +44 (0)1763 256338, website: http://www.platinum.matthey.com) © Johnson Matthey plc 2012
Platinum 2012: platinum: autocatalyst: China There was a slowdown in the rate of growth in light duty vehicle production in China in 2011 to around 5% as the government attempted to cool down an overheating car market by the removal of subsidies and the imposition of limits on new car registrations in some cities. Gross demand for platinum in the Chinese autocatalyst sector rose, however, to 110,000 oz. The slowing of the Chinese car market mainly affected production of smaller gasoline models by Chinese domestic manufacturers, which tend to be fitted with palladiumrhodium three-way catalysts (TWCs).
SEPTEMBER 2012