WPIC announces fourth consecutive platinum market deficit: 240 koz expected in 2026 following 1.1 Moz in 2025

• Forecast 240 koz deficit for 2026 follows deep 1,082 koz deficit in 2025
• Depleted above ground stocks projected to remain at just over four months' worth of global demand through 2026
• Total bar and coin investment demand to jump 35% to 725 koz, with gains expected across all markets and India emerging as a new growth market
• While exchange traded fund (ETF) and exchange stocks are expected to remain at elevated levels, the significant inflows seen in 2025 are not expected to repeat, resulting in total demand coming in 8% lower than in 2025 at 7,619 koz
• Industrial demand to rebound, increasing 11% to 2,124 koz as glass capacity expansion resumes, helping to offset respective 3% and 12% reductions in automotive and jewellery demand
• Total platinum supply to increase by 2% as recycling supply grows 10%, incentivised by higher prices, while mine supply is projected to be flat

LONDON, March 4, 2026 /CNW/ -- The World Platinum Investment Council – WPIC® – today publishes its Platinum Quarterly for the fourth quarter of 2025 and full year 2025, with a revised forecast for 2026.

Trevor Raymond, CEO of the World Platinum Investment Council, comments:

"The key drivers of platinum's price rally in 2025, namely strong supply/demand fundamentals, a depletion of above ground stocks, and macropolitical uncertainty-driven precious metals demand, are expected to persist in 2026. Consequently, market tightness is likely to continue, maintaining investor interest in platinum, and further supporting bar and coin and ETF demand throughout the year. One item not yet captured in the supply/demand balance is any exchange stocks warehoused with the Guangzhou Futures Exchange, which could potentially deepen the deficit versus current projections once these are made publicly available."

View the full press release.

Disclaimer

Neither the World Platinum Investment Council nor Metals Focus is authorised by any regulatory authority to give investment advice. Nothing within this document is intended or should be construed as investment advice or offering to sell or advising to buy any securities or financial instruments and appropriate professional advice should always be sought before making any investment.

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SOURCE World Platinum Investment Council (WPIC)

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