Steel Guru : China platinum demand may slide in 2010 -Johnson Matthey

The report said that Chinese platinum demand will reach 2.04 million ounces in 2009 up 66.12% YoY accounting for 34.38% of global demand this year. It added that "The majority of China's platinum demand is attributed to the jewelry making industry, which grew by an incredible 105.88% in 2009 YoY. Chinese jewelry makers and retailers built up large platinum stocks when platinum prices were low earlier in the year." Mr Peter Duncan GM of Johnson Matthey's market research department said that "Currently jewelers and retailers have nearly full platinum stocks and will most likely not replenish them as actively next year as they did at the beginning of 2009. However, underlying demand will still exist, so we expect total platinum demand to slide only slightly in 2010." Mr Terry Harris Asia region sales manager of Johnson Matthey said that the current international market price for platinum hovers around USD 1,400 per ounce close to the current gold prices of around USD 1,140 per ounce which...

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