Market diagnosis: Platinum prices have corrected 36% from the January 2026 all-time high of $2,852/oz to $1,818.50/oz, entering a defensive buyer zone. The structural deficit persists — fourth consecutive year at -297 koz — supported by South African supply constraints (output fell 26% over two decades, electricity costs +60% 2021-2026) and record Chinese bar/coin demand. However, the Q1 2026 surplus of +268 koz (first in 6 quarters) and broad commodity liquidation weigh on near-term momentum. This report provides procurement-specific guidance with quantified scenario analysis and forward contract recommendations.