/ 19 May 1999

PLATINUM DEMANDS GROWS

GLOBAL demand for platinum in 1998 grew by 220000 ounces to 5,35-million ounces, driven by a 70% increase in fabrication of jewellery in China, according to Johnson Matthey in Platinum 1999, published in London on Monday. Demand in China, insignificant five years ago, rose to 620 000 ounces, taking total jewellery demand to 2,37-million ounces. Sales of platinum by South African mines declined slightly, but a large increase in Russian exports boosted total supplies in 1998 by 440000 ounces to 5,4-million ounces, it said. It added that although South African output should rise, Russia is unlikely to have enough platinum stocks to repeat last year’s sales level.