{"id":265926,"date":"2025-11-19T12:51:19","date_gmt":"2025-11-19T13:51:19","guid":{"rendered":"https:\/\/www.premium-partners.net\/?p=265926"},"modified":"2025-11-19T14:09:15","modified_gmt":"2025-11-19T14:09:15","slug":"south-africa-to-lead-global-pgm-supply-rebound-next-year-after-dragged-output","status":"publish","type":"post","link":"https:\/\/www.premium-partners.net\/fr\/builder\/south-africa-to-lead-global-pgm-supply-rebound-next-year-after-dragged-output\/","title":{"rendered":"South Africa to lead global PGM supply rebound next year after dragged output"},"content":{"rendered":"

This post<\/a> was originally published on this site<\/a><\/p>

<\/p>\n

Tawanda Karombo<\/p>\n

Lower production from platinum group metals mines in South Africa muzzled global PGM supply in the third quarter although gains from the world\u2019s biggest producers of the metal, including Zimbabwe where Valterra, Impala Platinum and Sibanye-Stillwater operate, are expected to lift up supply by 2% next year.<\/span><\/p>\n

The World Platinum Investment Council said on Wednesday that global PGM supply <\/span>was flat <\/span>in the third quarter year on year \u201c<\/span>weighed on by lower South African mine<\/span>\u201d<\/span> production.<\/span> <\/span><\/p>\n

This was after refined volumes from <\/span>Valterra<\/span> (formerly Anglo American Platinum) fell in <\/span>South Africa<\/span>.<\/span><\/p>\n

This was reflective of \u201c<\/span>a significant destocking of semi-finished inventory in Q3\u201924.<\/span><\/p>\n

Implats\u2019 <\/span>own refined production was <\/span>however, <\/span>little changed year-on-year, although scheduled processing maintenance led to a further build in already<\/span> <\/span>elevated work-in-progress stocks.<\/span><\/p>\n

\u201c<\/span>South African<\/span> <\/span>production contracted 2% year-on-year to 1 028 koz<\/span>,\u201d said WIPC in a quarterly report.<\/span><\/p>\n

Nonetheless, f<\/span>ollowing the unusually high rainfall and flooding that disrupted South African mining operations earlier this year, as well as the<\/span> <\/span>processing constraints that curtailed refined volumes, <\/span>PGM <\/span>supply is expected to recover over the latter half of the year.<\/span><\/p>\n

\u201c<\/span>The completion<\/span> <\/span>of maintenance at Implats\u2019 South African smelters should allow some destocking of excess inventory that had been deferred<\/span> <\/span>earlier in the year, partly due to disruptions to water, power and hydrogen supply to the refineries<\/span>,\u201d further noted WIPC.<\/span><\/p>\n

Although <\/span>South African<\/span> <\/span>mine production is forecast to contract 5% to 3 945 koz, <\/span>mine supply for PGM from the country is projected to rise by <\/span>2% year-on-year in 2026, with gains from South Africa and Zimbabwe partially<\/span> <\/span>offset by a modest decline from North America and Russia.<\/span><\/p>\n

Output from major South African producers is expected to rise<\/span>, with i<\/span>mproved processing availability anticipated to support a modest<\/span> <\/span>increase in output from Implats, aided by the drawdown of excess semi-finished inventory.<\/span><\/p>\n

Investor sentiment in South African platinum miners and future pricing prospects has brightened with the commodity\u2019s recent good run in prices providing favourable momentum among fund managers.<\/span><\/p>\n

Long dogged by suppressed investor sentiment due to low prices and uncertainty that demand could be subdued due to popularity and uptake of electric vehicles, platinum group metals have been on a rebound in the past few weeks.<\/span><\/p>\n

T<\/span>his is despite the World Platinum Investment Council saying <\/span>earlier this year that <\/span>full year output will still be 6% lower than last year \u201csince South African producers will not benefit from the large drawdown of work-in-process inventory that occurred\u201d last year.<\/span><\/p>\n

Besides the inclination towards platinum, the South African fund managers have exhibited \u201clow positioning\u201d in healthcare, offshore, telecom and cash. The biggest falls were recorded for heavy industrials and cash<\/span>, according to Bank of America analysts<\/span>.<\/span><\/p>\n

Zimbabwean <\/span>PGM <\/span>production slipped 10% to 119 koz, largely reflecting significant destocking of semi-processed material at Unki<\/span>, owned by Valterra.<\/span><\/p>\n

Output from Zimplats, <\/span>Zimbabwe\u2019s <\/span>largest producer, edged lower owing to furnace repairs.<\/span><\/p>\n

Thus PGM s<\/span>upply from Zimbabwe is expected to contract by 4% year-on-year to 493 koz, retreating from the record level achieved in<\/span> <\/span>2024.<\/span><\/p>\n

\u201c<\/span>The decline primarily reflects the absence of a drawdown of semi-finished stock that boosted last year\u2019s volumes<\/span>,\u201d said WIPC.<\/span><\/p>\n

BUSINESS REPORT<\/strong><\/p>","protected":false},"excerpt":{"rendered":"

Tawanda KaromboLower production from platinum group metals mines in South Africa muzzled global PGM supply in the third quarter although gains from the world\u2019s biggest producers of the metal, including Zimbabwe where Valterra, Impala Platinum and Sibanye-Stillwater operate, are expected to lift up supply by 2% next year.The World Platinum Investment Council said on Wednesday that global PGM supply\u00a0was flat\u00a0in the third quarter year on year \u201cweighed on by lower South African mine\u201d\u00a0production.\u00a0This was after refined volumes from\u00a0Valterra\u00a0(formerly Anglo American Platinum) fell in\u00a0South Africa.This was reflective of \u201ca significant destocking of semi-finished inventory in Q3\u201924. Implats\u2019\u00a0own refined production was\u00a0however,\u00a0little changed year-on-year, although scheduled processing maintenance led to a further build in already\u00a0elevated work-in-progress stocks.\u201cSouth African\u00a0production contracted 2% year-on-year to 1 028 koz,\u201d said WIPC in a quarterly report.Nonetheless, following the unusually high rainfall and flooding that disrupted South African mining operations earlier this year, as well as the\u00a0processing constraints that curtailed refined volumes,\u00a0PGM\u00a0supply is expected to recover over the latter half of the year.\u201cThe completion\u00a0of maintenance at Implats\u2019 South African smelters should allow some destocking of excess inventory that had been deferred\u00a0earlier in the year, partly due to disruptions to water, power and hydrogen supply to the refineries,\u201d further noted WIPC.Although\u00a0South African\u00a0mine production is forecast to contract 5% to 3 945 koz, mine supply for PGM from the country is projected to rise by\u00a02% year-on-year in 2026, with gains from South Africa and Zimbabwe partially\u00a0offset by a modest decline from North America and Russia.Output from major South African producers is expected to rise, with improved processing availability anticipated to support a modest\u00a0increase in output from Implats, aided by the drawdown of excess semi-finished inventory.Investor sentiment in South African platinum miners and future pricing prospects has brightened with the commodity\u2019s recent good run in prices providing favourable momentum among fund managers.Long dogged by suppressed investor sentiment due to low prices and uncertainty that demand could be subdued due to popularity and uptake of electric vehicles, platinum group metals have been on a rebound in the past few weeks.This is despite the World Platinum Investment Council saying\u00a0earlier this year that\u00a0full year output will still be 6% lower than last year \u201csince South African producers will not benefit from the large drawdown of work-in-process inventory that occurred\u201d last year.Besides the inclination towards platinum, the South African fund managers have exhibited \u201clow\u00a0positioning\u201d\u00a0in\u00a0healthcare,\u00a0offshore,\u00a0telecom\u00a0and\u00a0cash. The\u00a0biggest falls\u00a0were recorded for\u00a0heavy\u00a0industrials\u00a0and cash, according to Bank of America analysts.Zimbabwean\u00a0PGM\u00a0production slipped 10% to 119 koz, largely reflecting significant destocking of semi-processed material at Unki, owned by Valterra.Output from Zimplats,\u00a0Zimbabwe\u2019s\u00a0largest producer, edged lower owing to furnace repairs.Thus PGM supply from Zimbabwe is expected to contract by 4% year-on-year to 493 koz, retreating from the record level achieved in\u00a02024.\u201cThe decline primarily reflects the absence of a drawdown of semi-finished stock that boosted last year\u2019s volumes,\u201d said WIPC.BUSINESS REPORT<\/p>","protected":false},"author":1,"featured_media":265928,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-265926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-builder"],"_links":{"self":[{"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/posts\/265926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/comments?post=265926"}],"version-history":[{"count":1,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/posts\/265926\/revisions"}],"predecessor-version":[{"id":265927,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/posts\/265926\/revisions\/265927"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/media\/265928"}],"wp:attachment":[{"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/media?parent=265926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/categories?post=265926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/tags?post=265926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}