This report incorporates analysis of platinum supply and demand during Q3 2025, with an updated full year estimate for 2025 and a first forecast for 2026.
- Third consecutive significant platinum market deficit in 2025 forecast at 692 koz
- Supply remains constrained, declining 2% year-on-year to 7,129 koz in 2025
- Forecast 2025 automotive demand is 10% above prior five-year average
- Jewellery demand growth of 7% to 2,157 koz in 2025 boosted by first-half spike in China
- Total bar and coin investment to record 47% year-on-year growth in 2025 led by surging demand in China
- Platinum market is expected to move to being in balance in 2026, with a forecast 20 koz surplus, dependent upon an easing of tariff fears, allowing a forecast 150 koz outflow from stocks held on exchange, and a higher platinum price prompting 170 koz of profit taking from ETFs