Global platinum supply and demand outlook for 2025

Global supply is forecast to contract by 4% (-291 koz) to 7,002 koz in 2025, as mine supply falls short of last year’s total and recycling remains largely flat. Mine output will decline as work-in-progress inventory has largely been depleted in previous years, while secondary supply from jewellery continues to fall and flow of spent autocatalyst material remains limited.

Demand is also expected to contract by 5% (-437 koz), driven by lower inflows into ETFs and softer bar and coin demand, alongside weaker glass demand following a year of exceptional capacity expansion in 2024.

While the full impact of the rollback of BEV incentives in the US and the possible introduction of import tariffs on cars and parts remains uncertain, global automotive demand for platinum is currently expected to decline by 1%.

However, jewellery demand is forecast to rise by 2%, surpassing 2 Moz for the first time since 2019. The platinum market will remain in structural deficit, with a shortfall of 848 koz.