Recently, World Platinum Investment Council [WPIC] published Platinum Quarterly for Q2 2025. This Platinum Quarterly presents platinum supply and demand movements for the second quarter of 2025 and an updated forecast for the full year. It also provides WPIC’s views on relevant issues and trends for investor exposure to platinum as an investment asset, and an update on how we continue to meet investors’ needs through our product partnerships.
The Platinum Quarterly data and commentary are prepared independently for WPIC by Metals Focus. A significant focus of the second quarter of 2025 was the 37% increase in platinum prices over the three months to June. Interestingly, platinum prices rose despite the market only being in a modest deficit of 11 koz during Q2 2025.
Nonetheless, rising prices were not unexpected given almost two and a half years of market deficits were being exacerbated by geographic demand dislocations as the US grappled with tariff concerns and China ramped up imports. In effect, market tightness was not alleviated by demand volatility and the release of US exchange stocks as geographic competition to gain access to this metal, between US domestic end users and Chinese and European market participants, continued.
Accordingly, platinum lease rates remained elevated during Q2, and the London OTC market remained in strong backwardation. Looking to the remainder of 2025, platinum’s investment case remains compelling as prices appear to be consolidating gains with the platinum market remaining in deficit, albeit as mine supply sequentially recovers after a depressed start to 2025.
Platinum markets remain in substantial deficit;
1: The global platinum market is expected to be in an 850 koz deficit in 2025f following a 968 koz deficit in 2024. The forecast platinum market deficit for 2025 has decreased from the 966 koz reported in the May 2025 Platinum Quarterly primarily due to an upgrade to jewellery demand expectations being more than offset by downward revisions to industrial platinum demand.
2: The supply outlook remains depressed in 2025. Mining supply is forecast to decrease by 6% year-on-year as producers will not be able to repeat the drawdown of work-in-progress inventory we saw in 2024. Notably, recycling supply is expected to increase by 6% year-on-year [YoY] in 2025 with some evidence of higher PGM prices supporting increased recycling.
3: Total platinum demand is expected to decline by 4% year-on-year in 2025 to 7,877 koz. An upgrade to jewellery demand expectations and continued robust investment demand, driven by strength in bar and coin in China, are offset by slightly weaker automotive demand and a cyclical trough in glass demand within the industrial segment.
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