WPIC – Platinum Essentials, Sep 2025

The main topic of the report is the update of the five-year forecast for platinum and palladium markets.

In 2025, the platinum market is expected to experience a significant deficit for the third consecutive year, supporting price growth. Deficits are projected to average 620 thousand ounces per year from 2025 to 2029, representing 8% of average demand. The palladium market will experience deficits in 2025 and 2026 before moving to a surplus. China sees significant growth in jewelry and investment demand in the second quarter of 2025. Demand and supply forecasts for platinum remain relatively unchanged despite rising prices.