The precious metal platinum is an important element in both jewelry and diesel truck production, but demand has fallen lately, after European automakers dropped production by 2 percent. Makers like Volvo and Volkswagen are likely feeling pessimistic after the emission scandals and looming EU regulations, which means they aren’t buying the platinum necessary to control nitrous oxide emissions in diesel engines. However, platinum is also useful in making fuel cell trucks and other cars, which will likely lead to more platinum sales as the technology improves. The growing unpopularity of diesel cars in Europe will further hit demand for platinum this year, according to Johnson Matthey, a maker of autocatalysts using the precious metal. There will be a growing surplus of platinum in 2018 as production of diesel cars in Europe declines by 2 per cent while output from mines in Russia and South Africa remains flat, the company said. Platinum prices have fallen close to their lowest levels in ten years, a casualty of the backlash against diesel cars following the scandal over emissions cheating at Volkswagen. [...] Still, Johnson Matthey said there will be increased demand for platinum coming from fuel cell vehicles, which use the metal. Demand for platinum in fuel cells is expected to “rise significantly” this year, they said, especially in China. Click Here to Continue Reading
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