The World Platinum Investment Council's Q4 2025 Platinum Quarterly, released in March 2026, revised the 2026 platinum balance from broadly balanced to a deficit of approximately 240 koz, citing stronger-than-expected investment demand and constrained supply. The Q1 2026 update pointed to an even larger deficit of approximately 297 koz.
This marks the fourth consecutive annual platinum deficit, a structural trend that is progressively reducing above-ground inventories. Investment demand has been the primary driver, with platinum ETF holdings increasing and bar and coin investment remaining robust across European and North American retail markets.
Supply from South Africa, which accounts for approximately 70 percent of global platinum mine output, continues to face structural headwinds. Energy shortages, rising input costs, and mine shaft replacements at depth are constraining production growth. Mine closures and operational restructuring by major producers have further reduced output.
Automotive demand for platinum is also contributing to the deficit, driven by increased platinum loading in diesel autocatalysts and growing substitution for palladium in gasoline vehicle catalysts. Hydrogen economy demand, particularly PEM electrolyzers and fuel cells, is a nascent but rapidly growing demand source for the metal.