WPIC – Platinum Essentials, Jun 2025

The main theme of the report is the platinum and palladium market forecasts for the next five years starting from 2025, with a focus on platinum deficits.

Key findings include the expectation of significant platinum market deficits observed in 2023 and 2024 to continue until 2029. Annual platinum deficits are projected to average 727 thousand ounces from 2025 to 2029. The palladium market is expected to see a small deficit in 2025, transitioning to a slight surplus in 2026. Platinum prices have risen by a third since the beginning of the year due to deficits, declining inventories, and increasing demand from China. Overall supply and demand forecasts for platinum have been revised down by 0.9% from 2026 to 2029.