The platinum market recorded a third consecutive deficit in 2025. Notably, the shortfalls have sequentially increased each year from 2023 and the 2025 deficit of 1,082 koz is the most substantial shortfall within the WPIC time series dating back to 2013. A key feature of last year was the more than doubling of the platinum price in response to sustained deficits, the drawing down of above ground stocks to unsustainably low levels, and the volatile macropolitical environment which drove favourable investor sentiment toward all precious metals.