The WPIC's latest quarterly report, published June 23, shows the platinum market deficit narrowing as South African mines continue their operational recovery. Eskom power availability improved to 88% in Q2 from 75% in early 2025, reducing load-shedding disruptions. Amplats, Impala, and Sibanye all reported higher mill throughput.
However, the deficit narrowing is not a supply glut. At 215,000 oz, Q2 still represents the sixth consecutive quarterly deficit. Above-ground inventories have declined to 3.1 Moz, their lowest since WPIC began tracking in 2013. At current deficit rates, visible inventories could be exhausted within six years.
Investment demand for platinum through ETFs and bars was mixed. North American platinum ETFs saw inflows of 38,000 oz in Q2, while European funds saw outflows. Total ETF holdings are 3.5 Moz, up 5% year-to-date. Japanese investment demand through platinum bar imports remained strong at 120,000 oz in Q2.
The industrial demand picture is stable. Glass manufacturing (LCD and fiberglass) accounts for 12% of platinum demand and is growing at 4% annually. Hydrogen economy applications remain a long-term story with minimal current demand but significant media attention.
The narrowing deficit suggests supply-side tightness is easing, but platinum remains in structural deficit. Buyers should expect continued support above $1,500 on supply cost fundamentals. Use dips below $1,550 to extend hedge coverage for H2 2026 and H1 2027. The sustainable pricing floor is rising as above-ground stocks deplete.