WPIC – Platinum Quarterly, Q1 2025

The main theme of the report is the analysis of platinum supply and demand in the first quarter of 2025 and the updated forecast for the entire year.

Key findings include a projected platinum market deficit of 966 thousand ounces in 2025, representing 12% of the forecast demand. Major risks are associated with changes in US trade policy, which could impact global economic activity and, consequently, the platinum market. Platinum supply in the first quarter of 2025 decreased by 13% compared to the previous year. Overall platinum demand is expected to be 4% lower than the previous year, mainly due to reduced demand for glass in China.