WPIC forecasts a 297 koz deficit for full-year 2026, the fourth consecutive annual shortfall. Total supply of 7.377 Moz vs demand of 7.674 Moz.
Q1 2026 recorded a temporary 268 koz surplus vs 658 koz deficit in Q1 2025, but the WPIC expects reversal through the remainder of the year.
Mine supply remains flat, constrained by aging South African mines, high costs, and Russian sanctions. Recycling forecast +9%.
Johnson Matthey confirms platinum in deficit with firm industrial demand and constrained mine supply.
Fourth consecutive deficit confirms structural tightness. Above-ground stocks being steadily depleted. Forward coverage recommended.
Fourth consecutive deficit confirms structural tightness. Above-ground stocks being steadily depleted. Forward coverage recommended.