It was a quieter news day for PGMs, with one structurally significant mining story and a price market that steadied after Wednesday's inflation-driven rout. Platinum futures in China rebounded on Friday while New York spot prices clawed back most of Thursday's losses, and Valterra Platinum signaled it is close to committing to an underground expansion of the world's largest platinum mine.
Top stories#
Valterra nears decision to take Mogalakwena underground#
Valterra Platinum is approaching a final decision on taking Mogalakwena, its flagship mine and the world's largest platinum operation, underground as surface ore grades decline, Bloomberg reported via Mining Weekly on 15 October. The underground project, known as Sandsloot, has been under evaluation for years, and the company plans to begin trial mining later this year with a final investment decision targeted for 2027. Chief financial officer Sayurie Naidoo said the company believes "going underground is the most cost-effective option for us." Chief executive Craig Miller added that the group's reserves give it a long runway regardless of electric-vehicle uptake, saying Valterra has "many, many decades of PGMs available just within our portfolio, so the supply is not a concern." Mogalakwena remains Valterra's flagship South African asset, in a country that the report says holds nearly 80% of global PGM reserves. More on the company: Valterra Platinum: PGM Production, Mines and Output.
Platinum and palladium futures stage an oversold rebound#
Platinum and palladium futures in China rebounded on Friday after this week's inflation-driven selloff. The most-traded GFEX platinum contract PT2612 closed its morning session at 400.55 yuan/g, up 1.78%, as dovish comments from Federal Reserve officials offset a stronger-than-expected September producer price report, Shanghai Metals Market said in its 16 October daily review. SMM said spot supply stayed tight and suppliers kept quotes firm, while buyers showed good willingness to pay small premiums, leaving China's physical platinum market active. The rebound followed a sharp Wednesday decline in which, per SMM's 15 October review, rhodium eased about 25 yuan/g in the Chinese market and iridium climbed to near the 2,200-yuan/g mark, while ruthenium prices barely moved on weak volume.
Prices and market context#
Spot platinum fell 3.79% to $1,601/oz on Wednesday 14 October after a hotter-than-expected US CPI print boosted bets on Federal Reserve rate action, according to Kitco figures cited in Guardian Gold's market summary. The metal then recovered through Thursday: Kitco quoted spot platinum at $1,597 in early New York trade, saw it reach $1,611 by mid-morning, and logged an after-hours quote of $1,635.40, a gain of roughly $24.80, or about 1.5%, for the session. Track the live number at Platinum Price Today and contract specifications at Platinum Futures: NYMEX Contract, Prices and Specifications. For broader market balance, the World Platinum Investment Council's Platinum Quarterly, published 9 September 2026, forecasts a 265 koz global surplus for 2026 after revising the 2025 deficit to more than 1 Moz, with above-ground stocks equal to roughly 3.4 months of demand by year-end.
As context from earlier in the week, Sibanye-Stillwater's workforce at the Stillwater East mine and Columbus metallurgical facility in Montana ratified a new collective bargaining agreement on 7 October, ending a labor dispute at the group's US PGM operations, according to GuruFocus. More on the producer at Sibanye-Stillwater: PGM Production, Mines and Output, and on this week's rhodium moves at Rhodium Price Today.
What to watch#
- Valterra's planned start of trial mining at the Sandsloot underground project at Mogalakwena later in 2026, ahead of a final investment decision expected in 2027.
- Federal Reserve Chair Kevin Warsh's remarks at the IMF meetings in Bangkok on 16 October, the last public signal before the Fed's media blackout ahead of its 27-28 October meeting.
Sources: Mining Weekly (Bloomberg), Shanghai Metals Market (two reports), Guardian Gold market summary, GuruFocus.