Platinum (Pt, atomic number 78, CAS 7440-06-4) reaches the market from mines and recycling, which together supplied 7,240,000 troy ounces (about 225 tonnes) in 2025, according to Metals Focus data published by the World Platinum Investment Council (WPIC) on 18 May 2026. South Africa mined 71% of the primary metal on Johnson Matthey's count. Each publisher counts platinum supply on its own basis, so the WPIC, Johnson Matthey and USGS figures appear side by side below.
What Is Platinum Supply?#
Platinum supply is the platinum delivered to the market in a year, equal to mine supply plus recycling, as the World Platinum Investment Council (WPIC) defines it in its Platinum Quarterly. Mine supply, which WPIC calls total mining supply, is refined production of at least 99.95% purity, in the form of ingot, sponge or grain, adjusted for the change in producer inventory. Refined ounces are allocated to the country where the ore was mined, not the country where it was refined.
Supply is one side of the platinum group metals market; demand from autocatalysts, jewelry, industry and investment is the other, and the gap between them is the annual deficit or surplus. Balances for all six metals sit on the platinum group metals market hub.
Recycling, also called secondary supply, is platinum recovered from fabricated products, such as spent autocatalysts, old jewelry and electronics. WPIC excludes process scrap from manufacturing; Johnson Matthey counts only open-loop recycling, where the original buyer does not keep ownership of the metal.
Mined, Refined and Sold Platinum Ounces#
One year of platinum supply has three sizes, depending on whether ounces are counted when mined, refined or sold: for 2025, the USGS estimates 170,000 kg (5,466,000 oz) mined, Metals Focus 5,557,000 oz refined and Johnson Matthey 5,557,000 oz sold. The three bases are listed below with the publisher that uses each.
- Mined (contained) ounces: platinum in ore before smelting and refining losses (USGS, in kilograms).
- Refined ounces: metal refined to 99.95% purity or higher (Metals Focus for WPIC).
- Sold ounces: metal delivered to buyers (Johnson Matthey's primary supply; Metals Focus's total mining supply of 5,561,000 oz adds a 4,000 oz producer inventory release).
Three mechanisms separate the counts: pipeline lag, since fourth-quarter ore can be refined the following year; smelting and refining losses; and work-in-process inventory, which builds during smelter rebuilds and is released afterwards.
Company reports add a fourth basis, the metal basket: 4E is platinum, palladium, rhodium and gold, 6E adds ruthenium and iridium, and North American mines report 2E (platinum plus palladium). How each 4E and 6E basket is priced is shown on 4E and 6E basket prices.
How Much Platinum Is Supplied Each Year?#
The world supplied 7,240,000 troy ounces of platinum in 2025: 5,561,000 oz from mines and 1,679,000 oz from recycling, according to Metals Focus data in WPIC's Platinum Quarterly Q1 2026 (18 May 2026). The series peaked at 8,307,000 oz in 2021 and bottomed at 6,949,000 oz in 2020, when South African refined output dropped to 3,298,000 oz. The table lists world platinum supply by source from 2019 to 2026, in thousand troy ounces.
| Platinum supply (koz) | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026f |
|---|---|---|---|---|---|---|---|---|
| Refined production: South Africa | 4,374 | 3,298 | 4,678 | 3,915 | 3,957 | 4,133 | 3,957 | 4,005 |
| Refined production: Zimbabwe | 458 | 448 | 485 | 480 | 507 | 512 | 516 | 508 |
| Refined production: North America | 357 | 339 | 272 | 265 | 278 | 265 | 212 | 201 |
| Refined production: Russia | 716 | 704 | 652 | 663 | 674 | 677 | 677 | 646 |
| Refined production: other | 169 | 200 | 206 | 200 | 190 | 191 | 196 | 192 |
| Total refined production | 6,074 | 4,990 | 6,294 | 5,523 | 5,606 | 5,777 | 5,557 | 5,551 |
| Producer inventory (+ release, − build) | +2 | −82 | −94 | +45 | +14 | +10 | +4 | 0 |
| Total mining supply | 6,076 | 4,908 | 6,200 | 5,568 | 5,620 | 5,787 | 5,561 | 5,551 |
| Recycling: autocatalyst | 1,612 | 1,553 | 1,619 | 1,370 | 1,114 | 1,163 | 1,241 | 1,365 |
| Recycling: jewelry | 476 | 422 | 422 | 372 | 331 | 298 | 356 | 373 |
| Recycling: industrial | 69 | 66 | 67 | 69 | 71 | 76 | 81 | 88 |
| Total recycling | 2,157 | 2,041 | 2,107 | 1,811 | 1,515 | 1,536 | 1,679 | 1,826 |
| Total supply | 8,234 | 6,949 | 8,307 | 7,378 | 7,135 | 7,323 | 7,240 | 7,377 |
Source: Metals Focus for WPIC, Platinum Quarterly Q1 2026, Table 2 (18 May 2026). 2026 is a forecast. Refined production is allocated by country of mining. WPIC's Q2 2026 edition (9 September 2026) revised the 2025 balance; its revised supply lines are not yet in this table.
Mine supply moved in a narrow band from 2022 to 2025, between 5,561,000 and 5,787,000 oz, while recycling fell 30% from 2019 to 2023 (derived) before recovering. For 2026, Metals Focus forecasts 7,377,000 oz, with mine supply flat.
World Platinum Supply 2025: Four Forecasters Compared#
Four forecasters put 2025 world platinum supply between 6,775,000 and 7,240,000 ounces, figures WPIC published side by side on 29 May 2026 after London Platinum Week. The table compares their mine supply, recycling and total supply for 2025 and 2026f in thousand troy ounces, without an average, because each house counts on its own basis.
| Platinum supply line (koz) | WPIC / Metals Focus | Johnson Matthey | SFA (Oxford) | BASF |
|---|---|---|---|---|
| Mine supply, 2025 | 5,561 | 5,557 | 5,315 | 5,300 |
| Recycling, 2025 | 1,679 | 1,547 | 1,460 | 1,540 |
| Total supply, 2025 | 7,240 | 7,104 | 6,775 | 6,840 |
| Mine supply, 2026f | 5,551 | 5,455 | 5,195 | 5,122 |
| Recycling, 2026f | 1,826 | 1,576 | 1,485 | 1,751 |
| Total supply, 2026f | 7,377 | 7,031 | 6,680 | 6,873 |
Source: WPIC, Platinum Perspectives, London Platinum Week Review, 29 May 2026, Figure 1. WPIC's figures are prepared by Metals Focus.
The spread is widest in recycling: 219,000 oz, or 15% of the lower figure, against 4.9% for mine supply (derived). For 2026, WPIC notes that recycling growth estimates range from +1.7% to +13.7%, with the two large recyclers, Johnson Matthey and BASF, diverging. WPIC and Metals Focus are one dataset, not two confirmations: Metals Focus prepares WPIC's data, one year forward only. The PGM market reports behind the four columns are compared on PGM market reports.
Platinum Mine Supply by Country#
South Africa supplied 71% of the world's primary platinum in 2025 (3,957,000 of 5,557,000 oz), followed by Russia (12%), Zimbabwe (9%), North America (4%) and other countries (4%), according to Johnson Matthey's PGM Market Report (May 2026). Johnson Matthey counts primary supply as sales by producers, allocated to the region where mining took place. The table lists platinum supply by country for 2024, 2025 and 2026f.
| Country or region | 2024 (koz) | 2025 (koz) | 2026f (koz) | 2025 share | 2025 (tonnes) |
|---|---|---|---|---|---|
| South Africa | 4,154 | 3,957 | 3,873 | 71.2% | 123.1 |
| Russia (sales basis) | 700 | 650 | 630 | 11.7% | 20.2 |
| Zimbabwe | 507 | 513 | 515 | 9.2% | 16.0 |
| North America | 264 | 224 | 235 | 4.0% | 7.0 |
| Other countries | 199 | 213 | 202 | 3.8% | 6.6 |
| Total primary supply | 5,824 | 5,557 | 5,455 | 100% | 172.8 |
Source: Johnson Matthey PGM Market Report, May 2026; 2026 is a forecast. Shares and tonnes derived (32,150.7 troy oz per tonne); rows may not sum because of rounding.
South Africa and Zimbabwe together supplied 4,470,000 oz, or 80.4% of primary platinum, in 2025 (derived), and South Africa's share holds at 71.0% in Johnson Matthey's 2026 forecast.
Output, mines and history for each of the platinum producing countries are covered in depth on platinum producing countries; the summaries below give each country's 2025 figure and the event that moved it.
South Africa: 71% of Primary Platinum Supply#
South Africa mined about 3.86 million ounces of platinum in 2025, 3% less than in 2024, according to Johnson Matthey, and reported 3.96 million ounces of supply after releasing work-in-process inventory. The USGS figure matches: 120,000 kg of South African platinum in 2025 equals 3.86 million troy ounces. Two events caused the decline. Extreme rainfall flooded Valterra Platinum's Amandelbult mine on 19 February 2025, cutting its production by 17%, and African Rainbow Minerals halted mining at Bokoni in mid-2025. The USGS puts South Africa's 2025 PGM output 9% lower, citing declining palladium prices, higher deep-level mining costs and electricity disruption.
Platinum mining in South Africa is concentrated in the Bushveld Complex, where the Merensky, UG2 and Platreef ores are mined; its reefs, shafts and producers are mapped on platinum mining in South Africa. Quarterly figures swing with smelter schedules as much as with mining: South African refined output rose 41% year on year to 1,002,000 oz in the first quarter of 2026 after Valterra moved processing maintenance and stock counts to the third quarter (Metals Focus via WPIC, Platinum Quarterly Q1 2026).
Russia: Nornickel and Sales-Based Estimates#
Russia supplied 650,000 oz of platinum in 2025 on Johnson Matthey's estimate, which counts sales into world markets rather than mine output; Metals Focus puts Russian refined production at 677,000 oz. Nornickel, the dominant Russian producer, reported 667,000 oz of platinum output in 2025, so Johnson Matthey's sales-based figure sits below one company's production. For 2026, Nornickel expects platinum output to fall 5% to 8% on lower-grade ore.
Sanctions shape where Russian metal goes rather than whether it is mined. The London Platinum and Palladium Market (LPPM) suspended the Russian refiners Krastsvetmet and Prioksky from its Good Delivery lists on 8 April 2022, and since 2024 virtually all Russian platinum has gone to China, mainly via Hong Kong (Johnson Matthey, May 2026). Nornickel supply and sanctions weigh heavier on palladium, where Russia leads world supply, as traced on Nornickel supply and sanctions.
Zimbabwe: Platinum Supply From the Great Dyke#
Zimbabwe supplied 513,000 oz of platinum in 2025 (Johnson Matthey), from the Zimplats, Unki and Mimosa operations on the Great Dyke. Metals Focus puts Zimbabwean refined production at 515,600 oz, and Johnson Matthey forecasts 515,000 oz for 2026.
Zimbabwean quarterly output moves with smelter maintenance: Zimplats built semi-finished inventory in the first quarter of 2026, deferring 29,000 oz of platinum to the second quarter (WPIC, Platinum Quarterly Q1 2026). Platinum mining in Zimbabwe, from the dyke's geology to its smelters, is covered on platinum mining in Zimbabwe.
North America: Stillwater and Canadian Nickel By-Products#
North America supplied 224,000 oz of platinum in 2025, 15% less than in 2024 (Johnson Matthey), after Sibanye-Stillwater placed its Stillwater West mine in Montana on care and maintenance at the end of 2024. The company's US mined output fell 33% to 284,069 oz of 2E (platinum plus palladium) in 2025, and the USGS estimates US platinum mine production at 1,800 kg, down from 3,010 kg.
Canada's platinum comes largely as a by-product of nickel-copper mining, as at Sudbury, where Glencore closed its Fraser mine at the end of 2025; Impala Canada's palladium mine received a reprieve in November 2025 to operate until mid-2027. PGM mining in North America is covered mine by mine on PGM mining in North America.
Platinum Group Metal Reserves by Country#
World reserves of the platinum group metals total more than 76 million kilograms, 83% of them in South Africa, according to the USGS Mineral Commodity Summaries 2026; the USGS does not publish platinum-only reserves. The table lists USGS platinum mine output and PGM reserves by country, in kilograms.
| Country | Platinum mined 2024 (kg) | Platinum mined 2025e (kg) | PGM reserves (kg) |
|---|---|---|---|
| South Africa | 126,000 | 120,000 | 63,000,000 |
| Russia | 22,000 | 20,000 | 11,000,000 |
| Zimbabwe | 18,400 | 18,000 | 1,300,000 |
| United States | 3,010 | 1,800 | 590,000 |
| Canada | 5,700 | 5,000 | 310,000 |
| Other countries | 3,860 | 3,900 | NA |
| World (rounded) | 179,000 | 170,000 | >76,000,000 |
Source: USGS Mineral Commodity Summaries 2026 (February 2026); 2025 values are estimates. The 2025 country lines sum to 168,700 kg against the published world total of 170,000 kg. Reserves cover all six platinum group metals.
The Bushveld Complex holds the largest PGM resources and reserves (USGS), and southern Africa holds more than 80% of world PGM resources (Sibanye-Stillwater Rustenburg technical report, 2025). MCS 2026 also cut Russian PGM reserves from 16 million kg to 11 million kg. The geology and grades of the Bushveld Complex are covered on Bushveld Complex.
Platinum Recycling Supply by Region#
Recycling supplied 1,679,000 oz of platinum in 2025, 23% of total supply, and 74% of it came from spent autocatalysts (Metals Focus via WPIC, 18 May 2026). Recycling averaged 24% of total platinum supply in the five years to 2024 (WPIC, August 2025). The table splits 2025 platinum recycling by region and source, in thousand troy ounces.
| Region | Autocatalyst | Jewelry | Industrial | Total |
|---|---|---|---|---|
| Western Europe | 615 | 4 | 17 | 636 |
| North America | 359 | 3 | 18 | 380 |
| China | 83 | 233 | 11 | 327 |
| Japan | 77 | 111 | 33 | 221 |
| Rest of the world | 108 | 5 | 2 | 115 |
| World | 1,241 | 356 | 81 | 1,678 |
Source: Metals Focus for WPIC, Platinum Quarterly Q1 2026, Table 6 (18 May 2026). Rows sum to 1,678 koz against the published total of 1,679 koz because of rounding.
Western Europe recovers the most autocatalyst platinum, 49.6% of the world total (derived), because its car fleet is diesel-heavy and diesel catalysts carry more platinum. China supplies 65% of platinum jewelry scrap. The USGS counts on a wider basis, about 140,000 kg of palladium and platinum recovered from new and old scrap in 2025, including 8,600 kg of platinum from US catalytic converters, so its figure is not comparable with WPIC's.
Metals Focus forecasts 2026 recycling at 1,826,000 oz, up 9%. The share of secondary platinum supply in the total, year by year, is tracked on secondary platinum supply.
Why Platinum Recycling Lags the Price#
Platinum recycling responds to the price slowly because catalysts reach scrapyards in vehicles that are on average 12 to 16 years old (WPIC, August 2025). The autocatalyst recycled in 2026 was fitted to a car built around 2010 to 2014, so today's recycling reflects the platinum loadings of that era. Price still moves the margin: recycled automotive PGM supply ran 10% above WPIC's end-of-life-vehicle curve in 2019 to 2021, when prices were high, and 18% below it in 2022 to 2024, as prices fell and scrapyards held converters back. Refining then recovers well over 95% of the contained metal (WPIC).
Catalytic converter recycling, from decanning to refined PGMs, is described step by step on catalytic converter recycling.
Is Platinum in Short Supply?#
Platinum ran three consecutive annual deficits to 2025, but WPIC now forecasts a 265,000 oz surplus for 2026, with above-ground stocks covering 3.4 months of demand at the end of 2026 (Platinum Quarterly Q2 2026, 9 September 2026). The same edition revised the 2025 deficit to more than 1.4 million oz. The swing to surplus comes from investors, not mines: WPIC now expects 83,000 oz of net investment selling in 2026, and its chief executive, Trevor Raymond, attributes the swing overwhelmingly to investment outflows in the first half of the year.
Johnson Matthey measures the balance as the movement in stocks and shows a deficit in every year from 2023: 677,000 oz in 2023, 559,000 oz in 2024, 915,000 oz in 2025 and a forecast 371,000 oz in 2026 (May 2026). The size, causes and duration of the platinum market deficit on each basis are compared on platinum market deficit.
The physical market showed the tightness in 2025: tariff fears pulled platinum into NYMEX warehouses and exports to China surged, so short-term platinum lease rates rose from about 3% in late 2024 to above 20% by mid-2025 (Johnson Matthey, May 2026). Annual platinum supply is stable; the stock buffer that absorbs each deficit is what has run short.
Platinum Supply Outlook: 2026 to 2030#
Platinum mine supply is forecast to stay close to current levels: Johnson Matthey (May 2026) expects 5,455,000 oz of primary supply in 2026, and WPIC's five-year outlook (11 June 2026) projects total supply growth of 0.6% a year to 2030. WPIC builds that mine supply forecast solely from company guidance and expects recycling to grow 13% between 2025 and 2030. The table lists the supply events of 2024 to 2027 behind these forecasts, including Ivanhoe Mines' Platreef, the first new South African PGM mine in years.
| Date | Event | Effect on supply | Source |
|---|---|---|---|
| End-2024 | Stillwater West (Montana) placed on care and maintenance | US mined 2E output −33% to 284,069 oz in 2025 | Sibanye-Stillwater 20-F FY2025 |
| 19 Feb 2025 | Amandelbult flood (Valterra Platinum) | Mine production −17% | Valterra Integrated Report 2025 |
| Mid-2025 | Bokoni halts mining and milling (African Rainbow Minerals) | Part of South Africa's 3% decline | Johnson Matthey, May 2026 |
| Nov 2025 | Impala Canada reprieve | Operates until mid-2027 | Johnson Matthey, May 2026; Implats |
| 18 Nov 2025 | Ivanhoe Mines Platreef produces first concentrate, sold to Northam Platinum | Phase 1 target about 100,000 oz PGM a year; supply from 2026 | Johnson Matthey, May 2026; Ivanhoe Mines |
| End-2025 | Glencore closes the Fraser mine, Sudbury | Lower Canadian by-product PGMs | Johnson Matthey, May 2026 |
| 8 Sep 2026 | Sibanye-Stillwater opens Section 189A consultation on the Kwezi shaft, Rustenburg | About 1,114 jobs at risk; shaft at the limit of its licensed area | Mining Weekly, 8 Sep 2026 |
| Q4 2027 | Platreef Phase 2 target | About 450,000 oz of 3PE plus gold a year from Phases 1 and 2 | Ivanhoe Mines |
WPIC's own sensitivity shows how thin the margin is: a 5% miss in total mine supply moves the platinum balance by 275,000 oz a year on average over 2026 to 2029, more than the whole 2026 surplus now forecast. Russian supply adds downside, since Nornickel guides platinum output 5% to 8% lower in 2026.
Johnson Matthey adds that most South African projects replace or extend existing mines rather than add output, and that with a more positive price environment and adequate capital, South African PGM production could be maintained close to current levels until at least the early 2030s.
Named analyst views on the platinum price forecast, which rest on these supply assumptions, are compared on platinum price forecast.
Platinum Supply Risks: Power, Labor, Weather and Sanctions#
Platinum supply is exposed to South African operating risk above all, through electricity, labor, deep-level costs and weather, and secondarily to trade measures on Russian metal. South Africa's 71% share means a disruption there moves world supply more than any other event. The five risks are listed below with their latest dated evidence.
- Electricity: Eskom's standard tariff rose 12.74% from 1 April 2025 (NERSA MYPD6 determination); Sibanye-Stillwater had 835 MW of renewable power contracted and 164 MW operating in August 2026 (Reuters, 26 August 2026).
- Labor: Sibanye-Stillwater opened Section 189A consultations on its Kwezi shaft on 8 September 2026, with about 1,114 jobs at risk, and faced a strike notice at Stillwater East from 3 September 2026, whose outcome is not established.
- Deep-level costs: Northam's Zondereinde decline reaches 2,400 m below surface, and the USGS cites higher deep-level costs for the 2025 decline.
- Weather: the Amandelbult flood of 19 February 2025 cut that mine's production by 17%.
- Sanctions and trade measures: the US Department of Commerce set a final antidumping margin of 132.83% on unwrought Russian palladium on 28 April 2026, but after a negative US International Trade Commission injury finding no duty order is in force; Sibanye-Stillwater's appeal is pending.
Each of these risks feeds into platinum mining costs, which decide how much South African output stays profitable; the all-in sustaining cost curve is on platinum mining costs.
PGMs as Critical Raw Materials (EU CRM Act, US Critical Minerals List)#
The platinum group metals are critical raw materials in both the EU and the US: the EU Critical Raw Materials Act (Regulation (EU) 2024/1252) lists them as a group, and the US 2025 List of Critical Minerals names platinum, palladium, rhodium, iridium and ruthenium individually. The difference matters for osmium, which the EU group entry covers and the US list omits. The table compares the five instruments that attach to PGM supply.
| Instrument | Date | PGMs covered | Osmium | Effect |
|---|---|---|---|---|
| EU Critical Raw Materials Act, Regulation (EU) 2024/1252 | In force 23 May 2024 | "Platinum group metals" as one entry on the strategic list (Annex I, m) and the critical list (Annex II, aa) | Covered | 2030 benchmarks: 10% EU extraction, 40% processing, 25% recycling; no single third country above 65% of EU consumption |
| US 2025 List of Critical Minerals (Federal Register doc. 2025-19813) | 7 Nov 2025 | Platinum, palladium, rhodium, iridium, ruthenium, listed individually among 60 minerals | Not listed | Basis for US critical-mineral programs and the Section 232 scope |
| Section 45X production credit, 26 U.S.C. §45X(c)(6)(AA) | Credit phases out 2031 to 2033 | Platinum, palladium, rhodium, iridium, ruthenium at 99% purity or higher | Not listed | 10% of production costs; 75% of the credit in 2031, 50% in 2032, 25% in 2033, none after |
| Section 232 action on processed critical minerals | Executive Order 14272, 15 Apr 2025; proclamation signed 14 Jan 2026 | PGMs in scope through the USGS list | Outside the referenced list | No tariff; a negotiation mandate, still the status on 24 Sep 2026 (White & Case) |
| US reciprocal tariffs, Executive Order 14257 | 2 Apr 2025 | PGM sponge and ingot exempt (Johnson Matthey, May 2026) | Not addressed | No reciprocal duty on refined PGM |
Article 3(1) of the Critical Raw Materials Act counts listed materials at any stage of processing and when they occur as a by-product, which brings rhodium, iridium, ruthenium and osmium, all by-products of platinum and palladium mining, inside its scope. The 65% single-country ceiling is measured against EU consumption rather than world supply, so it constrains sourcing mix; for scale, South Africa supplied 71% of world primary platinum in 2025 (Johnson Matthey). In the US, listing carries money: a producer of platinum of at least 99% purity can claim 10% of its production costs under Section 45X. South Africa released its own Critical Minerals and Metals Strategy in May 2025; where the PGMs sit in its tiering is not established in DailyPlatinum's sources.
Supply of the Other Platinum Group Metals#
Rhodium, ruthenium and iridium depend on South Africa even more than platinum does, while Russia is the largest palladium supplier (Johnson Matthey, May 2026). Rhodium, iridium, ruthenium and osmium are by-products of the mined basket, so their output follows which reef is mined rather than their own price, one reason the platinum group metals market is read as a whole. The table gives 2025 primary supply and the main source country, with links to the palladium, rhodium, iridium and ruthenium market pages.
| Metal | 2025 primary supply | Main source country and share | Market page |
|---|---|---|---|
| Palladium | 6,589,000 oz, 204.9 t (Johnson Matthey) | Russia, 44.8% | palladium market |
| Rhodium | 701,000 oz, 21.8 t (Johnson Matthey) | South Africa, 80.7% | rhodium market |
| Ruthenium | 972,000 oz, 30.2 t (Johnson Matthey) | South Africa, over 85% (Johnson Matthey) | ruthenium market |
| Iridium | 229,000 oz, 7.1 t (Johnson Matthey) | South Africa, more than 80% (IPA/SFA, 2026) | iridium market |
| Osmium | About 500 to 550 kg a year, 2024 to 2025 (SFA/IPA, May 2026) | No country split published | where osmium is found |
Platinum Supply Data Sources: WPIC, Johnson Matthey and USGS#
Platinum supply data comes from three publishers that count different things: Metals Focus for WPIC (refined ounces), Johnson Matthey (ounces sold) and the USGS (kilograms mined). The three sources are listed below with their basis and schedule.
- WPIC Platinum Quarterly (Metals Focus data): refined production by country of mining; free, four editions a year.
- Johnson Matthey PGM Market Report: producer sales plus open-loop recycling for five PGMs; free, every May.
- USGS Mineral Commodity Summaries: kilograms mined by country, with reserves; public domain, February 2026 edition.
Glossary entries define secondary supply and give the definition of mine supply; all PGM market reports are compared on PGM market reports.
More on the Platinum Market#
Platinum supply connects to demand, the deficit, stocks and the producers, each covered on its own page, and the list below adds four related pages.
- Demand: 8,019,000 oz in 2025 (Johnson Matthey) or 8,431,000 oz (WPIC), on platinum demand.
- Mining: open pits at Mogalakwena to deep stoping at Zondereinde, on platinum mining.
- China: bar and coin investment rose from about 1 t in 2019 to nearly 13 t in 2025 (WPIC), on China and the platinum market.
- Investment: ETFs, bars and coins, compared on investing in platinum.
Platinum Supply FAQ#
Where does the US get platinum from?#
The US imports 89% of the platinum it uses (net import reliance, 2025), and South Africa supplied 49% of US platinum imports in 2021 to 2024, followed by Belgium (10%), Germany (10%) and Italy (8%), according to the USGS Mineral Commodity Summaries 2026. Domestic mine output comes from one company in Montana: an estimated 1,800 kg of platinum in 2025.
Who has the largest stockpile of platinum?#
No published data identifies the largest platinum stockpile: the LBMA reports London vault stocks for gold and silver only, and Russia's Gokhran publishes no holdings data. Platinum ETFs held more than 3,300,000 oz at the end of 2025 (Johnson Matthey), and CME reports its warehouse stocks daily. WPIC models the remaining vaulted metal as above-ground platinum stocks, explained on above-ground platinum stocks.
How much platinum is left on Earth?#
USGS puts world reserves of all six platinum group metals at more than 76 million kilograms and resources at more than 100 million kilograms (MCS 2026). Neither figure is published for platinum alone. Crustal abundance answers a related question, how rare is platinum, on how rare is platinum.
Who supplies platinum?#
Platinum is supplied by mining companies such as Valterra Platinum, Impala Platinum, Sibanye-Stillwater, Northam Platinum and Nornickel, and by autocatalyst and jewelry recyclers. Valterra Platinum is the former Anglo American Platinum, renamed in 2025, and Implats reported refined and saleable output of 3.56 million 6E oz for the year to June 2026 (3 September 2026). Company pages cover Valterra Platinum, Impala Platinum, Sibanye-Stillwater, Northam Platinum and Nornickel; the largest platinum producers are ranked on largest platinum producers.
What is 1 lb of platinum worth?#
One avoirdupois pound of platinum is 14.5833 troy ounces, so it is worth 14.58 times the platinum price per troy ounce. The pound weighs exactly 453.59237 g (7,000 grains, against 480 grains per troy ounce), so at a hypothetical 1,000 USD per troy ounce a pound would be worth 14,583 USD. The live platinum price per pound is on platinum price per pound.