South Africa’s platinum output is grinding lower as producers cut capital expenditure and shutter unprofitable areas, but it is not happening fast enough to tackle the industry’s bigger problem – rock-bottom prices for the metal itself. Platinum prices in dollar terms are up just 4% this year in the face of a much bigger rally in other precious metals like palladium and gold, and are 32% below their 10-year average of $1 375 an ounce.
