Since 2024, the world economy has entered a period of "low normal" growth. On the one hand, geopolitical risks are superimposed on protectionist waves, global debt is growing at a high level, global energy and resource supply and demand are out of balance, and economic development is fragmented; on the other hand, global inflation has effectively eased, the manufacturing pattern has accelerated transformation and upgrading, the performance of various economies is uneven, and the depth of the industrial and supply chains has been restructured. In this context, the global industrial and supply chains have been deeply restructured, the global energy and resource supply and demand structure has been adjusted, the supply and demand pattern has been differentiated and deepened, and the performance of different minerals has been significantly different.

01 The overall demand for energy mineral resources has slowed down, and the supply and demand are in a state of tight balance.

Oil production and consumption continue to grow steadily: In 2024, global oil production reached 102.9 million barrels per day (mbd), a year-on-year increase of 0.6%; consumption stood at 102.84 mbd, a year-on-year increase of 0.8%. Supply-side structural adjustments, the continuous implementation of supply reduction plans by OPEC+ countries, and the North American region filling the capacity gap. Natural gas supply and demand grew slightly overall: In 2024, global natural gas production reached 41,900 billion cubic meters (bcm), a year-on-year increase of 1.4%; the total consumption reached 42,120 billion cubic meters, a year-on-year increase of about 2.8%. Coal production and consumption both hit record highs, with the Asia-Pacific region becoming the main driver of supply and demand: In 2024, global coal production reached 9.068 billion tons, a year-on-year increase of 0.8%, setting a new record; consumption increased to 8.771 billion tons, a year-on-year increase of 1.0%.

02 The supply and demand of major solid mineral resources are obviously differentiated.

Steel supply and demand both declined, with supply continuing to exceed demand: Global crude steel production in 2024 was 188.5 million tons, down 1.0% year-on-year; the apparent consumption of steel was 174.2 million tons, down 2.0% year-on-year. Copper demand increased rapidly, and the supply-demand gap widened: Global refined copper consumption was 28.5767 million tons, up 3.2% year-on-year; production was 28.0228 million tons, up 1.4% year-on-year. Aluminum supply and demand both increased, and the degree of supply exceeding demand decreased: Global primary aluminum production in 2024 was 71.6173 million tons, up 2.7% year-on-year; consumption was 71.3002 million tons, up 3.1% year-on-year. Zinc supply and demand both declined, turning from surplus to shortage: Global refined zinc production in 2024 was 13.6202 million tons, down 2.0% year-on-year; consumption was 13.6478 million tons, down 0.3% year-on-year.

03 The demand and supply of strategic emerging mineral resources are growing rapidly, both of which are oversupplied.

Lithium supply and demand both increased significantly, maintaining a supply glut: In 2024, global lithium metal production reached 2.400 million tons, a year-on-year increase of 17.6%; consumption was 2.200 million tons, a year-on-year increase of 29.4%. Cobalt supply and demand both increased significantly, with the supply glut increasing: In 2024, global cobalt production reached 2.900 million tons, a year-on-year increase of 22.9%; consumption was about 2.310 million tons, a year-on-year increase of 14.9%. The demand growth rate for nickel exceeded the production growth rate, and the supply glut decreased: In 2024, global refined nickel production reached 35.561 million tons, a year-on-year increase of 3.0%; consumption was 34.194 million tons, a year-on-year increase of 7.2%.

04 The differentiation of supply and demand for precious metals deepens.

Gold demand structure is differentiated, overall supply exceeds demand: In 2024, global gold consumption increased by 2.4% year-on-year to 4,553.7 tons; supply increased by 1.5% year-on-year, reaching 4,974.5 tons. Silver supply decreases while demand increases, and the supply gap remains at a high level: In 2024, global silver consumption increased by 2.0% year-on-year to about 381,000 tons; supply is about 314,000 tons, down by 0.7% year-on-year. Palladium supply and demand increase synchronously, and the shortage pattern deepens: In 2024, global palladium consumption is 235.39 tons, up by 3.5% year-on-year; supply is 207.27 tons, up by 2.5% year-on-year.

05 Agricultural mineral supply and demand rise.

Potash supply and demand both increased, and the degree of supply glut increased: In 2024, the global consumption of potash fertilizer was 38.8 million tons (calculated as potassium oxide), an increase of 4.6% year-on-year; the output was 48.0 million tons, an increase of 10.9% year-on-year. Phosphate fertilizer supply and demand both increased, and the degree of supply glut decreased: In 2023, the global consumption of phosphate fertilizer was 435.488 million tons (calculated as diphosphorus pentaoxide), an increase of 3.8% year-on-year; the output was 465.720 million tons, an increase of 1.0% year-on-year.

Original title: Global platinum demand continues to rise, market participants face three challenges

The author is a member of the International Mining Research Team of China Mining News.

The International Mining Research Office of China Mining Newsis a mining research team of China Mining News. In recent years, the team has provided authoritative, accurate, and effective mining information and think tank services to the mining industry and related market entities.It mainly carries out research on mining markets, mining technology, mining big data, and other related fields, and annually issues brand products such as the Global Mining Development Report, and has established the Global Mineral Resources Information System,which continuously supports and serves the management decision-making of government departments and the international mining investment and cooperation of Chinese-funded enterprises, and the industry influence is increasingly highlighted.

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