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Informist, Wednesday, Nov. 19, 2025

 

NEW DELHI – The World Platinum Investment Council expects the global platinum market to remain in a significant deficit for the third consecutive year in 2025. The shortfall for 2025 is seen at 692,000 ounces, down 158,000 ounces from the previous estimate due to higher mining and recycling supply, the council said in its latest Platinum Quarterly report released Wednesday.

 

Total supply in 2025 is now forecast to fall 2% to 7.13 million ounces, the lowest level in five years, the council said. Mine supply is expected to drop 5% to 5.51 million ounces, also a five-year low. Total demand is projected at 7.82 million ounces, down 422,000 ounces from 2024, largely because of the absence of cyclical glass sector capacity additions this year, the council said.

 

Automotive demand in 2025 is forecast at 3.02 million ounces, down 3% on year as output of catalysed vehicles declines across light- and heavy-duty segments. Nonetheless, this remains 10?ove the prior five-year average, the council said.

 

According to the council, jewellery demand is expected to rise 7% to 2.16 million ounces in 2025, the highest since 2018, supported by strong first-half demand in China and platinum's continued price advantage over gold. Growth is also expected across most other major jewellery markets.

 

Investment demand, the council said, is projected to increase 6% to 742,000 ounces in 2025, driven by a surge in bar and coin purchases. Demand for bars and coins is forecast to jump 47% to 522,000 ounces, led by China, where demand is projected to reach 418,000 ounces. Holdings of exchange-traded funds are seen rising by 70,000 ounces on improved sentiment following the recent price breakout, while stock exchange inflows are expected to moderate to 150,000 ounces as tariff-related uncertainty eases later in the year.

 

Industrial demand in 2025 is forecast to fall 22% to 1.90 million ounces, largely reflecting a steep, cyclical reduction in glass demand from the record levels of 2024.

 

OUTLOOK FOR 2026

The council sees the platinum market broadly in balance in 2026, estimating a small surplus of 20,000 ounces, contingent on easing trade tensions. Supply is seen rising 4% to 7.40 million ounces on the back of stronger recycling flows and a 2% rise in mine supply to 5.62 million ounces. Total demand is expected to decline 6% to 7.38 million ounces, mainly due to a sharp 540,000 ounces swing in non-bar-and-coin investment demand as Chicago Mercantile Exchange warehouse inventories normalise and exchange-traded fund investors book profits at higher price levels, the statement said.

 

Automotive demand in 2026 is expected to fall 3% to 2.91 million ounces, due to lower light-vehicle production and smaller engine sizes, partly offset by higher heavy-duty and off-road demand. Industrial demand is forecast to rebound 9% to 2.08 million ounces in 2026 on rising chemical-sector consumption and fresh glass-sector expansions.

 

Jewellery demand in 2026 is projected to fall 6% to 2.04 million ounces. The council expects demand from China to decline 14% from 2025's unusually high inventory-driven base, while demand from North America is seen growing 1% and that from Europe holding steady. India's jewellery demand is forecast to fall 15% due to weak domestic conditions.

 

Investment demand in 2026 is expected to drop sharply by 52% to 358,000 ounces, as tariff concerns ease and stock exchanges record an anticipated outflow of 150,000 ounces, alongside 170,000 ounces of exchange-traded fund liquidations at decade-high prices. However, bar and coin investment is projected to rise 30% to 678,000 ounces, with all major markets likely to post gains.

 

"Extreme global uncertainty persists, but platinum's fundamentals remain constructive. The market is expected to rebalance in 2026 provided trade tensions ease," the council said.   End

 

US$1 = INR 88.59

 

Reported by Pallavi Singhal

Edited by Ashish Shirke

 

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