This report incorporates analysis of platinum supply and demand for Q4 2025 and full year 2025, with a revised forecast for 2026.
- Forecast 240 koz deficit for 2026 follows deep 1,082 koz deficit in 2025
- Depleted above ground stocks projected to remain at just over four months’ worth of global demand through 2026
- Total bar and coin investment demand to jump 35% to 725 koz in 2026, with gains expected across all markets and India emerging as a new growth market
- While exchange traded fund and exchange stocks are expected to remain at elevated levels, the significant inflows seen in 2025 are not expected to repeat, resulting in total demand lowering by 8% to 7,619 koz in 2026
- Industrial demand to rebound, increasing 11% to 2,124 koz as glass capacity expansion resumes, helping to offset respective 3% and 12% reductions in automotive and jewellery demand
- Total platinum supply to increase by 2% as recycling supply grows 10%, incentivised by higher prices, while mine supply is projected to be flat