© 2026 World Platinum Investment Council – WPIC®. All rights reserved.Page 1 of 29PLATINUM QUARTERLYQ2 2026FOREWORDThis Platinum Quarterly presents platinum supply and demand movements for the second quarter of 2026, and an updated forecast for 2026f. It also provides WPIC’s views on relevant issues and trends for investor exposure to platinum as an investment asset, and an update on how we continue to meet investors’ needs through our product partnerships. The Platinum Quarterly data and commentary (starting on page 5) are prepared independently for WPIC by Metals Focus. As a reminder, the first forecasts for 2027 will be published in November.Platinum markets, which had been projected to record a fourth consecutive annual deficit, are now forecast to reflect a moderate surplus for the full year 2026, following a second consecutive quarterly surplus in Q2’26. Investment demand was negative over the quarter, while softer jewellery demand – most notably in China – added to the decline in demand, even as automotive and industrial demand held broadly steady.Platinum market records a surplus in Q2’26 • Total platinum supply rose 1% year-on-year to 1,906 koz in Q2’26, as a 9% increase in recycling supply offset a 2% reduction inmine supply.• Total platinum demand fell 16% year-on-year to 1,663 koz in Q2’26, with net investment outflows of 121 koz and a 216 kozyear-on-year drop in jewellery demand, led by higher prices and the particularly strong Q2’25 performance in China.• Platinum markets recorded a 244 koz surplus in Q2’26, which confirms a H1’26 surplus of 548 koz and a forecast deficit inH2’26 of 283 koz.Platinum markets to reflect a modest surplus in 2026 after three successive significant annual deficits (2023 – 2025)• Platinum recycling supply for 2026f has been revised marginally lower and is now expected to increase by 8% year-on-yearto 1,802 koz. While mine supply is forecast to remain flat in 2026f, recycling supply growth increases total platinum supply to7,353 koz, up 2% (+123 koz) year-on-year.• Since our last Platinum Quarterly, total platinum demand in 2026f has been revised down from 7,674 koz to 7,089 koz(-18% year-on-year) as investment demand was revised lower by 601 koz to a net outflow of 83 koz.• The platinum market is now forecast to record a 265 koz surplus in 2026f, as the expected growth in ETF holdings in H2’26 willnot fully offset the H1’26 surplus.9th September 2026-810 -355 -485 140 675 -159-7661,454 905-1,096-1,440265-80220142015201620172018201920202021202220242026f20252023Annual platinum supply-demand balance, koz, 2014-2026fSource: SFA (Oxford) 2014 – 2018, Metals Focus 2019 – 2026fPage 2 of 29PLATINUM QUARTERLY Q2 2026© 2026 World Platinum Investment Council – WPIC®. All rights reserved.The platinum investment case – macro indicators are setting the agenda, but wide price moves...
