The global platinum market recorded its second consecutive quarterly surplus, although tight inventories continue to support the metal’s longer-term outlook.
The market posted a 244,000-ounce surplus in the second quarter of 2026, according to the latest Platinum Quarterly from the World Platinum Investment Council (WPIC), published on 9 September.
Total supply increased slightly by 1% year-on-year to 1.91-million ounces, while demand dropped 16% to 1.66-million ounces.
A major factor was a 234,000-ounce outflow from platinum exchange-traded funds (ETFs). Jewellery demand also fell sharply, while automotive demand weakened. Industrial demand, however, increased by 6% as platinum use in areas linked to technology and AI continued to grow.
For the full year, WPIC now forecasts a 265,000-ounce surplus, with total supply expected to reach 7.35-million ounces. Recycling is expected to account for the entire 2% increase in supply.
Despite the surplus, above-ground stocks remain constrained. WPIC expects inventories to provide only about 3.4 months of global demand cover by the end of 2026.
South Africa remains important to the supply picture, with modest growth in local mine production expected to help offset declines elsewhere.
WPIC CEO Trevor Raymond said platinum demand remains resilient, particularly in automotive and industrial applications, while growing AI infrastructure could create new demand for platinum-group metals.
Main Image: WSJ
