The World Platinum Investment Council (WPIC) has updated its 2025 forecast for the supply deficit on the global platinum market, which is now seen at 848,000 ounces.
The deficit projection was raised by 57% over the previous forecast on the back of the reduced forecast of total supply, down 4% this year to 7.002 million ounces. The total platinum demand is seen at 7.850 million ounces in 2025, down 5% year on year.
Meanwhile in 2024, the platinum market recorded a significant deficit of 995,000 ounces (46% higher than previously forecast) as total demand reached 8.288 million ounces for the first time since 2019. Total supply last year was up 3% year on year to 7.293 million ounces.
“Platinum’s sustained consecutive annual deficits, almost 1 million ounces in 2024, contain some investment flows related to the recent tariff-driven chaos but are largely structural in nature,” said WPIC CEO Trevor Raymond.
“The ongoing decline in mine supply continues, potentially accelerating as stock release benefits taper further. At the same time, the previously anticipated recovery in recycling failed to materialise in 2024. Recycling levels are at their lowest in 10 years and growth looks set to struggle once more in 2025.”
WPIC says that the demand from automotive sector remains steady as slower battery electric vehicle growth takes hold and higher-for-longer internal combustion engine vehicle levels are more widely appreciated.
Platinum jewellery is set to grow for the second consecutive year in 2025 with increases across all regions as the record high gold price has caused the value of retail gold jewellery stocks to stretch balance sheets, resulting in the switching of some inventory to platinum.
Global platinum jewellery demand increased 8% year on year to 1.993 million ounces in 2024, while in 2025 it is projected to reach 2.027 million ounces for the first time since 2019.
Theodor Lisovoy, Managing Editor, Rough&Polished
