Platinum market records its first surplus in six quarters

Total platinum supply increased by 18% year-on-year to 1,736 koz during Q1 2026. Mine supply rose by 22% year-on-year as prior year flooding did not reoccur, while recycling increased by 7% year-on-year on higher prices.

Total platinum demand of 1,468 koz in Q1 2026 was dragged down by 225 koz of net investment outflows. Elsewhere, recovering industrial demand was offset by weaker automotive and jewellery demand.

Consequently, the platinum market recorded a 268 koz surplus in Q1 2026 compared to a 658 koz deficit in Q1 2025.

Platinum market to remain in deficit during 2026

Several of the first quarter’s trends are expected to reverse through the rest of 2026. On a full year basis, total platinum supply is forecast to increase by 2% in 2026f versus 2025. Supply from recycling is set for 9% growth year-on-year as higher prices incentivise processing of previously unprocessed spent autocatalysts and more selling of jewellery scrap. Mine supply is projected to be stable.

Total platinum demand is forecast to decrease by 9% year-on-year to 7,674 koz in 2026f, with industrial demand growth of 9% being offset by 12% and 54% declines in jewellery and investment demand, while automotive demand falls by a modest 2%.

The platinum market is forecast to be in a deficit of 297 koz during 2026f, reducing above ground stocks to under three months of demand.