Johnson Matthey’s PGM Market Report forecasts a platinum supply deficit for the fourth consecutive year in 2026. Constrained mine shipments from South Africa and Russia drive the continued shortfall. Overall platinum demand will likely decline by 8%. This reduction remains insufficient to offset the tightening supply.
Industrial consumption remains firm despite falling demand for platinum in autocatalysts due to electric vehicle growth. Data storage demand is rising as manufacturers use platinum for hard disks. The green hydrogen economy further supports demand through PEM electrolysis using iridium and platinum.
Platinum prices fell over 2-3% intraday despite the bullish supply outlook. Macroeconomic headwinds currently outweigh the metal's specific supply and demand dynamics. Investors cited persistent US inflation, a stronger dollar, and a hawkish Federal Reserve as primary pressures.