WPIC Sees 2026 Platinum Deficit Widen to 297 Koz as Bar-and-Coin Demand Jumps 27%
Updated
Updated · InsideNoVa · May 18
WPIC Sees 2026 Platinum Deficit Widen to 297 Koz as Bar-and-Coin Demand Jumps 27%
1 articles · Updated · InsideNoVa · May 18
297 koz is the platinum shortfall WPIC now forecasts for 2026, marking a fourth straight annual deficit and leaving above-ground stocks at just under three months of global demand cover by year-end.
7,674 koz of total demand would be 9% lower than 2025, largely because last year's exchange-stock and ETF inflows are not expected to repeat rather than because of weaker underlying use.
2,238 koz of industrial demand is projected for 2026, up 9% on resumed glass capacity expansions, partly offsetting a 2% drop in automotive demand and a 12% fall in jewellery demand.
718 koz of bar-and-coin demand is expected this year, up 27% after a strong first quarter and growth across all regions, while total supply rises only 2% as recycling gains 9% and mine output stays flat.
WPIC said tighter emissions rules, energy-security spending on hydrogen and platinum's role in AI-related infrastructure should keep longer-term demand supported despite geopolitical headwinds.
With new platinum-free catalysts emerging, is platinum's projected hydrogen boom at risk of failing?
As South Africa and Russia control most platinum, could it become a weapon in future trade wars?