世界铂金投资协会年第二季度白金季度（英）

Page 1 of 6 London, 06.00 10 September 2025 Third consecutive annual deficit reconfirmed, expected at 850 koz in 2025 • Forecast full year 2025 total supply is the lowest in five years, declining by 3% to 7,027 koz. Total demand will decline by 4%, nevertheless outstripping supply by 850 koz • Platinum jewellery demand to rise 11% to 2,226 koz this year, its highest level since 2018, as China growth accelerates • Continued growth in investment demand, up 2% in 2025 to 718 koz, with strong bar and coin demand performance in China • Modest decline in automotive demand forecast given tariff-related market uncertainty; forecast to contract 3% to 3,033 koz for full year 2025 • Industrial demand to fall to 1,901 koz this year as substantive, cyclical glass capacity expansions reduce Trevor Raymond, CEO of the World Platinum Investment Council, comments: “Platinum has broken out of its post-pandemic trading range to be the top-performing commodity in the first six months of 2025, outpacing gold, silver and broader asset classes. Its price rose dramatically in the second quarter, and in July it reached a ten-year high of US$1,450 per ounce.” The World Platinum Investment Council - WPIC® - today publishes its Platinum Quarterly for the second quarter of 2025 with an updated full year 2025 forecast. Total demand in Q2’25 fell 22% year-on-year to 1,886 koz, impacted by a 317 koz reduction in stocks held by exchanges during the quarter as tariff-related concerns eased temporarily and inventory levels unwound. This was only partially offset by strong quarter-on-quarter growth in jewellery demand (+135 koz, 25%), bar and coin demand (+39 koz, 55%) and demand for bars of or above 500g in China (+12 koz, 33%). Industrial demand was weaker year-on-year (-164 koz, 24%) despite being up 41% quarter-on-quarter, while automotive demand remained flat on the previous quarter, but fell 2% year-on-year. Meanwhile, total supply eased 4% year-on-year to 1,876 koz (although it rebounded 29% quarter-on-quarter). Overall, platinum supply and demand were effectively in balance for the quarter, recording an 11 koz deficit. Total supply is expected to decline 3% to 7,027 koz in full year 2025. This will be its lowest level in five years, with mining supply falling 6% to 5,426 koz, also its lowest level in five years. For full year 2025, the forecast for total demand is 7,877 koz, a 371 koz reduction on the prior year, principally due to the absence of substantive, cyclical glass capacity expansions this year. The platinum market is expected to record its third consecutive significant annual deficit in 2025, projected at 850 koz, a downward adjustment of 116 koz from the previous forecast. Page 2 of 6 Mine supply contraction Total mining supply fell 8% year-on-year to 1,453 koz in Q2’25, although, after an especially weak Q1’25 which was impacted by heavy rainfall in South Africa among other operational challenges, it recovered quarter-on-qu