Declining South African mine output is contributing to the structural deficit in the platinum market, and the situation isn’t likely to improve soon. Platinum demand outstripped supply for the third straight year in 2024. Platinum offtake outpaced supply by 995,000 ounces last year. That was 46 percent higher than forecast. The World Platinum Investment Council projects another market deficit of around 848,000 ounces in 2025. Above-ground stocks of platinum fell by 23 percent in 2024 and are expected to drop another 25 percent this year. This represents less than four months of demand. A drop in South African ... (full story)