The PGM industry gathered for London Platinum Week where the primary themes included price resilience during external market uncertainty, recycling supply growth, increasing end uses in datacentres, and the need for more coordinated market development efforts. Against this backdrop, updated supply demand projections were released by several industry participants including the WPIC. Aggregating the outlooks, the platinum market is forecast to remain in deficit during 2026f, equivalent to 4% of average demand projections. Despite some investment outflows and uncertainty around the Iran war, platinum markets are expected to remain tight in 2026, underpinned by constrained mine supply. Figure 1. Summary platinum supply demand forecasts presented during London Platinum WeekSource: Metals Focus, BASF, Johnson Matthey, SFA (Oxford), WPIC, *Excludes changes in exchange stock holdings **excludes all investment demand † Average total demand is not the sum of the average automotive, jewellery, industrial and investment demand. It is the average of each forecaster’s total demand
