e www.platinum.matthey.com
DISCLAIMER Johnson Matthey PLC endeavours to ensure the accuracy of the information and materials contained within this presentation, but makes no warranty as to accuracy, completeness or suitability for any particular purpose. Johnson Matthey PLC accepts no liability whatsoever in respect of reliance placed by the user on information and materials contained in this presentation, which are utilised expressly at the user’s own risk. In particular, this presentation and the information and materials in this presentation are not, and should not be construed as, an offer to buy or sell or solicitation of an offer to buy or sell, any regulated precious metal related products or any other regulated products, securities or investments, or making any recommendation or providing any investment or other advice with respect to the purchase, sale or other disposition of, any regulated precious metal related products or any other regulated products, securities or investments including, without limitation, any advice to the effect that any precious metal related transaction is appropriate or suitable for any investment objective or financial situation of a prospective investor. A decision to invest in any regulated precious metal related products or any other regulated products, securities or investments should not be made in reliance on any of the information or materials in this presentation. Before making any investment decision, prospective investors should seek advice from their financial, legal, tax and accounting advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decisions. This presentation does not, and should not be construed as acting to, sponsor, advocate, endorse or promote any regulated precious metal related products or any other regulated products, securities or investments. e www.platinum.matthey.com
Platinum e www.platinum.matthey.com
Platinum in 2012 • Platinum market in deficit of 375,000 oz • Lowest primary supply for 12 years • Marginal increase in autocatalyst demand • Glass and electrical demand sharply down • Strongly rising jewellery demand from China • Lower prices retard autocatalyst recycling e www.platinum.matthey.com
Platinum supplies million oz 7 6 5 4 3 2 1 0 2008 2009 2010 2011 2012 South Africa Russia North America Others e www.platinum.matthey.com
Platinum supplies ‘000 oz 2011 2012 % change South Africa 4,860 4,095 (15.7) Russia 835 800 -4.2 North America 350 295 -15.7 Zimbabwe 340 340 0.0 Others 100 110 10.0 Total 6,485 5,640 -13.0 e www.platinum.matthey.com
South African net supply change 2011-2012 ‘000 oz 5,500 + 100 5,000 4,860 4,500 - 500 - 175 4,095 - 55 - 135 4,000 3,500 2011 supply Safety Strikes Stock Mine Other 2012 supply stoppages movements closures e www.platinum.matthey.com
Platinum supplies ‘000 oz 2011 2012 % change South Africa 4,860 4,095 (15.7) Russia 835 800 (4.2) North America 350 295 (15.7) Zimbabwe 340 340 0.0 Others 100 110 10.0 Total 6,485 5,640 (13.0) e www.platinum.matthey.com
Platinum demand ‘000 oz 2011 2012 % change Supplies 6,050 6,480 7.1 Autocatalyst 3,185 3,240 1.7 Industrial 1,755 2,050 16.8 Jewellery 2,420 2,480 2.5 Investment 655 460 (29.8) Gross Demand 7,905 8.905 2.4 Recycling (1,830) (2,045) 11.7 Stock Movement (25) 430 e www.platinum.matthey.com
Gross platinum autocatalyst demand million oz 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2008 2009 2010 2011 2012 Europe Japan North America China ROW e www.platinum.matthey.com
World light duty diesel Pt demand in emissions vehicle production control catalysts million units million oz 10 5 4 8 3 6 2 4 1 2 0 0 2008 2009 2010 2011 2012 Europe Japan N. Am China Rest NRMM HDV LDD LDG 2011 2012 e www.platinum.matthey.com
Platinum demand ‘000 oz 2011 2012 % change Supplies 6,050 6,480 7.1 Autocatalyst 3,185 3,240 1.7 Industrial 1,975 1,570 (20.5) 2,420 2,480 2.5 Investment 655 460 (29.8) Gross Demand 7,905 8.905 2.4 Recycling (1,830) (2,045) 11.7 Stock Movement (25) 430 e www.platinum.matthey.com
Platinum industrial demand million oz 2.0 1.5 1.0 0.5 0.0 2008 2009 2010 2011 2012 Chemical Electrical Glass Petroleum Medical & other e www.platinum.matthey.com
Platinum demand ‘000 oz 2011 2012 % change Supplies 6,050 6,480 7.1 Autocatalyst 3,185 3,240 1.7 Industrial 1,975 1,570 (20.5) Jewellery 2,475 2,780 12.3 Investment 655 460 (29.8) Gross Demand 7,905 8.905 2.4 Recycling (1,830) (2,045) 11.7 Stock Movement (25) 430 e www.platinum.matthey.com
Gross platinum jewellery demand million oz 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2008 2009 2010 2011 2012 Europe Japan North America China ROW e www.platinum.matthey.com
Platinum demand ‘000 oz 2011 2012 % change Supplies 6,050 6,480 7.1 Autocatalyst 3,185 3,240 1.7 Industrial 1,975 1,570 (20.5) Jewellery 2,475 2,780 12.3 Investment 460 455 (1.1) Gross Demand 7,905 8.905 2.4 Recycling (1,830) (2,045) 11.7 Stock Movement (25) 430 e www.platinum.matthey.com
Platinum investment demand million oz 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0.0 2008 2009 2010 2011 2012 Small bars & coins ETFs Large bars Other e www.platinum.matthey.com
Platinum ETF investment demand $/oz million oz 1.8 2,000 1.6 1,800 1.4 1,600 1.2 1,400 1.0 1,200 2011 2012 Platinum ETF holdings Platinum price e www.platinum.matthey.com
Platinum supply and demand ‘000 oz 2011 2012 % change Supplies 6,485 5,640 (13.0) Gross demand 8,095 8,045 (0.6) Recycling (2,060) (2,030) (1.5) Stock Movement (25) 430 e www.platinum.matthey.com
Platinum recycling $/oz million oz 2.5 2,000 2.0 1,600 1.5 1,200 1.0 800 0.5 400 0.0 0 2008 2009 2010 2011 2012 Autocatalyst Electrical Jewellery Pt average price e www.platinum.matthey.com
Platinum supply and demand ‘000 oz 2011 2012 % change Supplies 6,485 5,640 (13.0) Gross demand 8,095 8,045 (0.6) Recycling (2,060) (2,030) (1.5) Net demand 6,035 6,015 (0.3) Stock movement 450 (375) e www.platinum.matthey.com
Palladium e www.platinum.matthey.com
Palladium in 2012 • Palladium swung into deficit of 1.07 million oz • Lower primary and secondary supplies • Russian state stock sales down by two-thirds • Autocatalyst demand at an all-time high • Weaker industrial and jewellery demand • Net investment changed by over 1 million oz e www.platinum.matthey.com
Palladium supplies million oz 8 7 6 5 4 3 2 1 0 2008 2009 2010 2011 2012 South Africa Russia North America Others e www.platinum.matthey.com
Palladium supplies ‘000 oz 2011 2012 % change South Africa 2,560 2,330 (9.0) Russia primary 2,705 2,630 (2.8) Russia stocks 775 250 (67.7) North America 900 905 0.6 Zimbabwe 265 265 0.0 Others 155 165 6.5 Total 7,360 6,545 (11.1) e www.platinum.matthey.com
Palladium demand ‘000 oz 2011 2012 % change Supplies 7,355 7,360 0.1 Autocatalyst 6,155 6,615 7.5 Industrial 2,465 2,480 (0.6) Jewellery 595 505 (15.1) Investment 1,095 (565) (151.6) Gross Demand 9,735 8,450 (13.2) Recycling (1,850) (2,345) 26.8 Stock Movement (530) 1,255 e www.platinum.matthey.com
Gross palladium autocatalyst demand million oz 7 6 5 4 3 2 1 0 2008 2009 2010 2011 2012 Europe Japan North America China ROW e www.platinum.matthey.com
Palladium demand ‘000 oz 2011 2012 % change Supplies 7,355 7,360 0.1 Autocatalyst 6,155 6,615 7.5 Industrial 2,465 2,365 (4.1) Jewellery 595 505 (15.1) Investment 1,095 (565) (151.6) Gross Demand 9,735 8,450 (13.2) Recycling (1,850) (2,345) 26.8 Stock Movement (530) 1,255 e www.platinum.matthey.com
Palladium demand ‘000 oz 2011 2012 % change Supplies 7,355 7,360 0.1 Autocatalyst 6,155 6,615 7.5 Industrial 2,465 2,365 ((4.1) Jewellery 505 445 (11.9) Investment 1,095 (565) (151.6) Gross Demand 9,735 8,450 (13.2) Recycling (1,850) (2,345) 26.8 Stock Movement (530) 1,255 e www.platinum.matthey.com
Gross palladium jewellery demand million oz 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2008 2009 2010 2011 2012 Europe Japan North America China ROW e www.platinum.matthey.com
Palladium demand ‘000 oz 2011 2012 % change Supplies 7,355 7,360 0.1 Autocatalyst 6,155 6,615 7.5 Industrial 2,465 2,365 (4.1)(((4.1) Jewellery 505 445 (11.9) Investment (565) 470 - Gross Demand 9,735 8,450 (13.2) Recycling (1,850) (2,345) 26.8 Stock Movement (530) 1,255 e www.platinum.matthey.com
Palladium ETF investment demand million oz $/oz 2.6 900 2.4 800 2.2 700 2.0 600 1.8 500 1.6 400 2012 2011 Palladium ETF holdings Palladium price e www.platinum.matthey.com
Palladium supply and demand ‘000 oz 2011 2012 % change Supplies 7,360 6,545 (11.1) Gross demand 8,560 9,895 15.6 Recycling (2,385) ( 2,280) (4.4) Stock Movement (530) 1,255 e www.platinum.matthey.com
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