South African platinum supply has stabilized at approximately 3.9 Moz annualized in H1 2026, as improved Eskom power availability reduced mine disruptions. Eskom has averaged Stage 2 load-shedding in Q2 2026, down from Stage 3 in Q1 and Stage 4 in 2025.
Anglo American Platinum (Amplats) reported steady production of 3.8 Moz in 2025, with the Mogalakwena open-pit operation contributing 1.2 Moz. Amplats' AISC of $1,050/oz means current prices of $1,668/oz provide a healthy 37% margin above all-in costs.
The production stability removes a key price catalyst. Earlier supply disruption fears had supported platinum prices in Q1 2026, but the Eskom improvement has normalized output. Impala Platinum's Rustenburg operations — which account for 31% of SA PGM output — ran at 95% capacity in May.
Labor relations remain stable. The 2025 wage agreement with AMCU runs through 2027, providing cost visibility. Sibanye-Stillwater reported that its Kroondal JV produced 110 Koz PGMs in Q1, in line with guidance.
No supply disruption premium in platinum currently. The stable South African production means no fear-driven rally. Focus on auto demand data and industrial PMIs as the primary price drivers. Maintain routine hedges; don't add disruption premiums to procurement budgets.