Platinum market to end 2025 with 692 koz deficit; potential easing of tariff fears leads to a more balanced platinum market in 2026
SOURCE World Platinum Investment Council (WPIC)
The World Platinum Investment Council – WPIC® – today publishes its Platinum Quarterly for Q3 2025
LONDON, Nov. 19, 2025 /PRNewswire/ --
2025 full year forecast: Key factors
- Third consecutive significant platinum market deficit 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
2026 forecast: Key considerations
- Platinum market is expected to move to being in balance in 2026, with a forecast 20 koz surplus
- This is 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 exchange traded funds (ETFs)
Trevor Raymond, CEO of the World Platinum Investment Council, comments:
"The substantial 2025 platinum market deficit has been accentuated by trade tension-linked investment flows. Extreme global uncertainty persists and our current forecast for a balanced market in 2026 assumes that trade tensions abate. If these tensions continue, then 2026 is likely to be another year where we see platinum supply again fall short of demand."
"Platinum market tightness remains, illustrated by extremely high lease rates and deep backwardation in the London over-the-counter forward market. This tightness has persisted, despite the significant price increase during 2025, which has encouraged metal into the market, suggesting that a further price increase is required to meet ongoing shortages. Rather than ETF liquidations reducing market tightness this year, ETF balances were net positive by the end of October, despite the price increase. Sustained market tightness and higher prices in 2026 may well further incentivise ETF holders to increase, rather than reduce, holdings."
Disclaimer
Neither the World Platinum Investment Council nor Metals Focus is authorised by any regulatory authority to give investment advice. Nothing within this document is intended or should be construed as investment advice or offering to sell or advising to buy any securities or financial instruments and appropriate professional advice should always be sought before making any investment.
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