WPIC – Platinum Quarterly, Q3 2025

The report analyzes platinum supply and demand movements for Q3 2025, with forecasts for 2025 and outlook for 2026.

The platinum market is expected to show a deficit of 692 thousand ounces in 2025, equivalent to 9% of projected annual demand. Supply is forecast to decrease by 2%, mainly due to a 5% decline in mine supply, partially offset by a 7% increase in recycling supply. Demand is expected to decline by 5%, driven primarily by a 22% drop in industrial demand. The 2025 deficit forecast was revised down due to better South African mining recovery and easing of US tariffs on Indian jewellery exports. For 2026, the market is expected to be broadly balanced with a small surplus of 20 koz, supported by a 4% increase in supply and a 6% decrease in demand. Higher prices are expected to incentivize increased recycling and some profit-taking from ETF holders. The platinum price remains significantly below its all-time high (adjusted for inflation), and lease rates remain elevated, indicating ongoing spot market metal shortages.