Platinum Price Surge Forces Chemical Firms to Increase Product Prices
The rising price of platinum, essential for chemical synthesis catalysts, pressures firms like Wacker Chemie to raise product prices. Wacker increased silicone prices by over 25% on February 1 due to high commodity costs. Platinum reached a peak of $91,176/kg on January 26, dropping to about $74,000/kg by February 4. This price volatility may require adjustments across the chemical industry. Meanwhile, efforts to replace platinum with less costly metals are increasing, particularly in fuel cells and water electrolysis.
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Chemical firms are pressured to raise product prices due to a surge in platinum prices, which hit a record $91,176/kg on January 26 before falling to about $74,000/kg by February 4. Wacker Chemie announced a price increase of over 25% for some silicone products effective February 1, attributing this to rising commodity costs.
The World Platinum Investment Council cited supply deficits and increased investor demand as factors driving prices. Evonik Industries stated its platinum-containing catalysts will not see price hikes due to customer ownership of the metal, but synthesis losses will impact customer costs. Research into alternatives to platinum is expanding, focusing on less expensive transition metals for catalysis applications.
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