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Informist, Monday, May 18, 2026

 

MUMBAI – The World Platinum Investment Council expects the global platinum market to remain in a deficit for the fourth consecutive year in 2026. The shortfall for the year is seen at 297,000 ounces, up from the previous estimate of 240,000 ounces. However, the platinum market recorded a surplus of 268,000 ounces in the first quarter of 2026. "Platinum's first quarterly surplus since Q3'24 (Oct-Dec 2024) was underpinned by two key factors, namely, net ETF (exchange-traded funds) disinvestment of 225 koz (225,000 ounces) and unusually strong mine supply for the usually seasonally weak first quarter," the council said.

 

On a full-year basis, total platinum supply is expected to rise by 2% to 7.38 million ounces in 2026, according to the council. Supply from recycling is set to grow 9% on year as higher prices incentivise 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 9% on year to 7.67 million ounces in 2026 "...mainly due to a reversal in both exchange stock and ETF investment, which are expected to see net outflows of 100 koz (100,000 ounces) each, in contrast to the significant inflows seen last year. In 2026, the supply and demand outlook reflects some of the market's initial reaction to prices more than doubling during 2025. "Total supply is expected to reach a four-year-high, while total demand is forecast to reach a four-year low," the council said.

 

Automotive demand is expected to soften by 2% while industrial demand is projected to rise by 9%, led by strong growth in platinum glass, the council said. In 2026, global platinum jewellery demand is forecast to fall 12% on year to 1.96 million ounces. Investment demand is expected to decline sharply by 54% to 519,000 ounces, reflecting substantial exchange stock and ETF outflows compared to significant inflows in 2025, the council said. "Total bar and coin investment demand growth to maintain momentum, rising 27% to 718 koz (718,000 ounces) in full year 2026, propelled by a strong first quarter and growth across all regions," it said.

 

In the first quarter of 2026, total platinum supply increased 18% on year to 1.74 million ounces. Total platinum demand of 1.47 million ounces in the first quarter was dragged down by 225,000 ounces of net investment outflows, the council said.  End

 

Reported by Reshma Ravi

Edited by Rajeev Pai

 

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