In its newest market report, the World Platinum Investment Council (WPIC) has estimated the platinum supply deficit in 2026 at 240,000 ounces, following a 1.1 million ounce shortage in the previous year.
The think tank said that stronger-than-expected investment demand in the fourth quarter of 2025, fuelled in part by a rally in platinum prices, led to a wider market deficit last year.
In 2025, total platinum demand rose 1% and reached its 9-year high of 8.3 million ounces, led by strong investments and a jewellery demand growth. Total supply saw a contraction of 1% to 7.2 million ounces.
Meanwhile, above ground stocks continued to stay at a relatively low level. WPIC projects that they will remain at just over four months’ worth of global demand through 2026, at 2.6 million ounces.
"The key drivers of platinum’s price rally in 2025, namely strong supply/demand fundamentals, a depletion of above ground stocks, and macro-political uncertainty-driven precious metals demand, are expected to persist in 2026. Consequently, market tightness is likely to continue, maintaining investor interest in platinum," said WPIC CEO Trevor Raymond.
Among major platinum demand drivers for 2026 are industrial consumption, led by the glass sector, as well as bar and coin investment. Main underperformers for 2026 include jewellery sector, deterred by higher prices, and ETF investments, which are projected to decrease as a result of easing trade tensions.
Total demand in 2026 is anticipated to be 8% lower year on year at 7.62 million ounces, while total supply is projected to increase 2% to 7.38 million ounces, mostly thanks to a growth in recycling.
Theodor Lisovoy, Managing Editor, Rough&Polished
