Fourth consecutive platinum market deficit forecast for 2026 - supply to fall short of demand by 297 koz

Macro MarketbullishImpact60

Why It Matters

A deeper deficit and stronger investment demand support higher platinum prices, impacting miners and platinum ETFs.

Summary

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WPIC's Platinum Quarterly projects a 297 koz full-year 2026 deficit, above-ground stocks falling to just under three months' cover, and bar/coin investment up 27% to 718 koz. Industrial demand rises while overall demand falls due to lower ETF inflows; supply gains are modest from recycling.

Score60

Score Rationale

bullish

Deficit and rising investment demand imply price upside for platinum and miners.

Bullish

2026 deficit forecasted at 297 koz
Bar and coin investment up 27% to 718 koz
Industrial demand growth of 9% supports near-term demand

Bearish

Total demand expected to fall 9% year-on-year
Automotive and jewellery demand weaker (-2% and -12%)
Mine supply projected flat, limiting supply response

Key Evidence

WPIC forecasts a 297 koz 2026 deficit
Above-ground stocks to fall to just under three months' cover by end-2026
Bar and coin investment forecast rising 27% to 718 koz

What To Watch Next

Platinum price movements and ETF flows
Production updates from major platinum miners
Policy and regulatory changes supporting hydrogen and emissions rules

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platinum_market Market Context

Sectormaterials

Industryprecious_metals-1.56%

Themepower_energy_resources

Sub-themeplatinum_market

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Original Article

LONDON, May 18, 2026 /PRNewswire/ -- Trevor Raymond, CEO of the World Platinum Investment Council, comments:

Edward Sterck, WPIC Director of Research, highlights key findings from the latest Platinum Quarterly report for PQ4 2025

Speed

"Platinum's fundamentals remain attractive to investors. The market continues to be undersupplied, and, despite geopolitical headwinds in the Middle East, platinum demand is well insulated. Incoming emissions regulations are supportive of automotive demand, while a renewed focus on regional energy security is reinvigorating interest in hydrogen technologies, a longer-term demand accelerant. We are also seeing platinum already playing a vital role across many technologies underpinning the rollout of AI infrastructure – from optical communications to data storage."

Forecast deficit in 2026 deepens to 297 koz
Further depletion of above ground stocks - just under three months' worth of cover to meet global demand now expected by the end of 2026
Total bar and coin investment demand growth to maintain momentum, rising 27% to 718 koz in full year 2026, propelled by a strong first quarter and growth across all regions
Total platinum demand is expected to reduce 9% year-on-year to 7,674 koz, predominantly because last year's significant exchange stock and ETF inflows are not expected to reoccur
Strengthening industrial demand, increasing 9% to 2,238 koz, on the resumption of glass capacity expansions, partially offsets lower automotive and jewellery demand (-2% and -12%, respectively)
Total platinum supply to increase by 2% as recycling grows 9%, incentivised by higher prices, while mine supply is projected to be flat

The World Platinum Investment Council - WPIC® - today publishes its Platinum Quarterly for the first quarter of 2026 with a revised full year 2026 forecast.

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.

Video - https://mma.prnewswire.com/media/2981660/WPIC.mp4
Logo - https://mma.prnewswire.com/media/2980308/WPIC_Logo.jpg

SOURCE World Platinum Investment Council (WPIC)