NYMEX platinum fell to $1,668.20/oz alongside gold and silver, down -2.17% on the session. The metal's fundamentals remain the strongest among the PGMs, with the World Platinum Investment Council projecting a 435 Koz supply deficit in 2026, a 36% increase from the 320 Koz deficit in 2025.
Automotive catalyst demand is expected to rise 4.5% to 3,650 Koz in 2026, driven by tighter emissions standards in China (China 6b) and Europe (Euro 7 implementation). Platinum's substitution for palladium in gasoline catalysts continues, with the substitution rate estimated at 15-20% of new gasoline vehicles in China.
South African mine output declined 1.2% in Q1 2026 to 710 Koz, reflecting deeper mine development costs and Eskom power reliability issues. Anglo American Platinum's Mogalakwena mine faced grade dilution, while Impala Platinum's Rustenburg operations dealt with labor cost pressures.
Russian PGM supply — approximately 10% of global platinum — remained stable at 175 Koz in Q1. Nornickel reported normal production despite ongoing Western sanctions on Russian metals exports, with most platinum routed through non-Western intermediaries.
Above-ground platinum stocks held by exchanges and ETFs declined to 3,200 Koz at end-Q1, down from 3,450 Koz a year earlier. The stock-to-consumption ratio has fallen below 0.8 years, the lowest in the WPIC's data series dating to 2013.
Platinum remains in structural deficit with depleting above-ground stocks. Secure H2 2026 volumes now while the broader precious metals correction provides better entry prices. The $1,600-1,700/oz range offers favorable risk-reward for 12-month contracts.