Power failures at South Africa mine and increased demand from automakers. And the hydrogen industries will cause supply constraints, platinum prices have skyrocketed.

Prices shot up from little over $900 per ounce in late Feb to $1,132.17 on April 21 — the highest in more than a year — before falling to about $1,050 on Tuesday.

The majority of the world’s mined platinum supply—roughly 70–75%—is produced in South Africa.

As vehicle manufacturing rises, demands from the auto industry, the largest user of platinum, should increase by 8% this year.

In the approximately 8 million ounce per year platinum market, O’Connell predicts a shortage of 900,000 ounces this year.