Today we publish our Platinum Quarterly data set, which examines activity in the third quarter of this year and provides a revised estimate for 2025 and a first forecast for 2026. Independent analysis is provided by our research partner, Metals Focus. The platinum market is expected to record its third consecutive significant annual deficit in 2025, accentuated by trade tension-linked investment flows. Extreme global uncertainty persists, and the current forecast is for a balanced market in 2026, on the assumption that trade tensions abate. If tensions continue, then 2026 is likely to be another year where platinum supply once again falls short of demand.Key information from the report is highlighted below:• Third consecutive significant platinum market deficit in 2025 forecast at 692 koz• Supply remains constrained, declining 2% year-on-year to 7,129 koz in 2025• Forecast 2025 automotive demand is 10% above prior five-year average• Jewellery demand growth of 7% to 2,157 koz in 2025 boosted by first-half spike in China• Total bar and coin investment to record 47% year-on-year growth in 2025 led by surging demand in China• Platinum market is expected to move to being in balance in 2026, with a forecast 20 koz surplus, dependent upon an easing of tariff fears, allowing a forecast 150 koz outflow from stocks held on exchange, and a higher platinum price prompting 170 koz of profit taking from ETFs
