The platinum market is expected to record a deficit of 966 koz this year, which follows a 992 koz deficit in 2024. The forecast platinum market deficit for 2025 has been increased from the 848 koz reported in the March 2025 Platinum Quarterly primarily due to upward revisions in global platinum demand. • Supply risks remain a prominent theme in 2025. In Q1 2025, mining supply declined by -13% year-on-year to record its lowest output since Q2 2020 which was in the height of COVID lockdowns. While mining should benefit from improved processing capacity availability over the rest of the year, refined output is still ... (full story)