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Informist, Wednesday, Mar. 4, 2026

 

MUMBAI – The global platinum market is expected to be in a deficit of 240,000 ounces this year, the fourth consecutive year of a shortfall, the World Platinum Investment Council said in a report Wednesday. The deficit in the market has increased each year from 2023. Last year's deficit of 1.08 million ounces was the most substantial within the council's time series from 2013, it said.

 

Total platinum supply is expected to rise by 2% on year to 7.38 million ounces in 2026, according to the council. Supply from recycling is set for 10% year-on-year growth as higher prices incentivise the processing of spent automotive catalysts and more selling of jewellery scrap while supply from mines is projected to be stable, it said. Total demand for platinum is forecast to fall by 8% on year to 7.62 million ounces in 2026 as the robust exchange stock and accumulations in exchange-traded funds in 2025 are not expected to be repeated this year.

 

"...the supply/demand outlook reflects some of the market's initial reaction to the more than doubling of prices during 2025," the council said. "Total demand is expected to reach a four-year low, but even with supply reaching a five-year high, the market is still expected to remain in a deficit...". Automotive demand for the metal is expected to decrease by 3% on lower catalysed vehicle production while industrial demand is seen rising 11% on year because of last year's low base.

 

Higher platinum prices are expected to pull down jewellery demand by 12% this year, with China seen recording the steepest regional decline of 37%. Total platinum investment demand is forecast to fall by 46% on year in 2026 because of an expected unwinding of stocks by exchanges. On the other hand, platinum bar and coin demand is expected to rise 35% on year to a record 740,000 ounces.

 

In 2025, total platinum supply fell 1% on year to 7.22 million ounces. A 4% drop in supply from mines was partly offset by 10% growth in recycling supply last year, the council said. Total demand rose 1% to around 8.3 million ounces last year. "Platinum investment demand increased by 65% and jewellery by 9%, recording its best performance since 2018. These increases more than offset a cyclical trough in industrial demand," it said.

 

"A key feature of last year was the more than doubling of the platinum price in response to sustained deficits, the drawing down of above ground stocks to unsustainably low levels, and the volatile macropolitical environment which drove favourable investor sentiment toward all precious metals," the council said.  End

 

Reported by Ashutosh Pati

Edited by Rajeev Pai

 

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