In the recently published Platinum Quarterly, Q2 2025, World Platinum Investment Council [WPIC] attempted to scrutinize Platinum supply and demand that is the second quarter trends and updated 2025 outlook! Platinum supply is expected to decline by -3% year-on-year in 2025. Depressed supply follows expectations for a -6% year-on-year.
reduction in mining output as South African producers will not be able to repeat the large drawdown of work-in-progress inventory that occurred last year. In contrast to mining, recycling supply is expected to rise by 6% year-on-year. Forecast recycling supply growth has been revised upward from 3% year-on-year growth previously due to higher prices incentivising more spent autocatalyst processing and jewellery sellbacks.
Turning to demand and first looking at revisions since our last Platinum Quarterly; strong Chinese demand has led to upgrades to jewellery (increased by 111 koz) and investment (up by 30 koz) demand expectations for 2025. However, these have been more than offset by a downward revision of 210 koz to industrial platinum demand expectations in 2025.
In aggregate, total platinum demand is forecast to decrease by 4% year-on-year to 7,877 koz. Industrial demand has the largest negative impact to total demand in 2025, with the glass segment facing a cyclical slowdown in new capacity additions which is leading to a 74% year-on-year reduction in demand (-515 koz). Elsewhere, whilst down 3% year-on-year, automotive demand is proving resilient in the face of ongoing electrification and tariffs.
Jewellery demand is forecast to increase by 11% year-on-year, while investment demand is up 2% year-on-year for 2025f. For the full year, the platinum market is expected to record an 850 koz deficit which represents 11% of annual demand.
The WPIC said it’s a balanced market in Q2 2025. During Q2 2025, both platinum supply and demand decreased compared to Q2 2024. Total platinum supply declined by 4% year-on-year due to an 8% year-on-year decline in mine supply (-123 koz) which was partially offset by a 12% year-on-year increase in recycling (+44 koz).
Highlighting the magnitude of the impact of flooding during Q1 in South Africa, the country’s mine supply bounced back by 48% quarter-on-quarter in Q2 2025 but was still down 6% year-on-year. Russian production decreased by 14% year-on-year as a new OEM’s equipment and vehicle fleet were incorporated into the mining operations.
Higher automotive and jewellery recoveries drove recycling supply growth. Total platinum demand decreased by -22% year-on-year (-544 koz) in the second quarter. Higher jewellery fabrication was broadly netted off by declining automotive and industrial demand. However, the primary segment underpinning lower platinum demand in the second quarter was investment.
Total investment holdings decreased by 64 koz in Q2 2025, compared to a 459 koz increase in Q2 2024. Investment demand was negatively impacted by a -317 koz reduction in platinum stocks held on exchange. In aggregate, the platinum market recorded a modest 11 koz deficit during Q2 2025.
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