PLATINUMQUARTERLY

Q3202519thNovember2025

Dworld

platinum

tnvestmnt

council

FOREWORD

ThisPlatinumQuarterlypresentsplatinumsupplyanddemandmovementsforthethirdquarterof2025,anupdatedforecastfor2025fandafirstoutlookfor2026f.ItalsoprovidesWPIC’sviewsonrelevantissuesandtrendsforinvestorexposuretoplatinumasaninvestmentasset,andanupdateonhowwecontinuetomeetinvestors’needsthroughourproductpartnerships.ThePlatinumQuarterlydataandcommentary(startingonpage5)arepreparedindependentlyforWPICbyMetalsFocus.

Afterthreeyearsofdeepdeficits,platinummarketsareexpectedtobemorebalancedin2026f.Theplatinummarketisforecasttobeina692kozdeficitin2025fandmovetobroadlybalanced,small20kozsurplusin2026f.AbalancedmarketisunsurprisingassumingthebuildinCME/NYMEXexchangestocksseenin2025freversesin2026fonimprovedUStradecertainty.Moreover,platinummarketsareexpectedtoshowsomelimitedsignsofself-solvingforhigherpricesseenduring2025byincentivisingsupplygrowth(principallyrecycling)andpotentiallysomeprofittakingfromETFholdersduring2026f.Notethatthattheplatinumpriceremains~US$800/ozbelowitsall-timehigh(adjustedforinflation)andplatinumleaseratesremainelevated,pointingtotheongoingshortageofmetalinthespotmarket.

2025platinummarketdeficitof692koz,equivalentto9%ofprojectedannualdemand

?Totalplatinumsupplyisforecasttodecreaseby2%year-on-yearto7,129kozduring2025f.Minesupplywillbedepressed(-5%year-on-year)asproducersareunabletorepeatthedrawdownofwork-in-process(WIP)inventoryseenin2024.Higherpriceswillsupportrecyclingsupplygrowthof7%year-on-year,albeitthisisinsufficienttooffsetlowerminingvolumes.

?Totalplatinumdemandisexpectedtodeclineby5%year-on-yearto7,821kozin2025f.Cyclicallyweakindustrialdemand(-22%year-on-year)istheprimaryfactorunderpinningdecreasingdemandin2025fversus2024.

?Theplatinummarketdeficitof692kozin2025fis158kozlowerthanthe850kozdeficitprojectedinourpreviousPlatinumQuarterly.Supplywasrevisedupwardsby102kozonabetter-than-expectedSouthAfricanminingrecoveryfromaweakQ12025,whilea56kozdownwardrevisiontodemandprimarilyreflectsaUStariff-relatedeasingofIndianjewelleryexports.

Abalancedplatinummarketisprojectedfor2026

?Platinumminesupplyisforecasttoincrease2%in2026fversus2025fassomeWIPinventoryisreleased.Supplyfromrecyclingissetforgrowthof10%year-on-yearashigherpricesincentiviseprocessingofspentautocatalystsandmoresellingofjewelleryscrap.Totalplatinumsupplyisforecasttoincreaseby4%year-on-yearduring2026f.

?Totalplatinumdemandisforecasttodecreaseby6%year-on-yearto7,385kozin2026f.Platinuminvestmentdemandaccountsfor385kozofthe437kozabsolutereductionintotalplatinumdemandfor2026f,givenexpectationsforexchangestockoutflowsoneasingUStradetensionsandprice-linkedETFprofittaking.

?Theplatinummarketisforecasttobebalancedwithasmallsurplusof20kozin2026f.

Annualplatinumsupply-demandbalances,koz,2014-2026f

1,491

1,083

675

140

20

-32

-664

-355

-710

-485

-692

-810

2014

-939

2015

2020

2021

2022

2017

2018

2019

2024

2023

2016

2025f2026f

Source:SFA(Oxford)2014–2018,MetalsFocus2019–2026f

?2025WorldPlatinumInvestmentCouncil–WPIC?.Allrightsreserved.

Page1of30

?2025WorldPlatinumInvestmentCouncil–WPIC?.Allrightsreserved.

Page2of30

PLATINUMQUARTERLYQ32025

Theplatinuminvestmentcase–physicalsupplytightnesscomestothefore

Throughout2025,platinummarketshaveexperiencedpronounceddemandswingsacrossvariousgeographies.Inthefirstquarter,metalflowedintoCMEwarehouses.InthesecondquarterChineseplatinumimportswereelevated,butcoincidedwithCMEoutflows,andduringthethirdquarterCMEexchangestocksagainrecordedlargeinflows.TheneteffectoftheseoutsizedflowsofplatinumacrosstheglobehashighlightedamisplacedconfidencethatthereisanabundanceofreadilyavailableabovegroundplatinumstockswithinEuropeanvaults.Depletingmetalstockshaveseenplatinum’simplied1-monthleaserate,whichisthecosttoborrowmetal,increasetoanaverageof15%inQ32025(beforeanycreditspread),upfromanaverageof10%inQ22025and1%onaveragein2024.

Assumingdemandforleasinghasnotincreased,oneofthemaindriversofhigherleaseratesisalackofphysicalsupply.Eitherthemetalisnotavailabletobeleased,ortheholdersofplatinumareunwillingtoleasethemetalatcurrentrates.Itappearsvaultedplatinumstockshavebeendepletedonthebackofseveralyearsofconsecutivemarketdeficitswhichhasinturnreducedthemetal’sphysicalavailability.Furthermore,tradetensionsandcompetitionforplatinumhavelockedmetalupingeographieswhereitisunavailabletobelentout.Thisspeakstoagrowingnarrativearoundcriticalmineralsupplysecurityacrossboththeindustriallevelbutalsomorebroadlyatanationallevel.

Higherleaseratesshouldbesupportiveofhigherplatinumprices,asbuyersreconsidertheirprocurementstrategiestoswitchfromleasingtooutrightpurchasingortoalsoincludesomedefensivepurchasing.Platinumpricesincreasedby16%duringQ32025.Notably,andalongsidethefundamentals,platinumpricesbenefittedfrombroaderdemandforpreciousmetalswhereinvestorssoughtdiversificationagainstanticipateddollardepreciationconsideringthefiscalandpoliticallandscapeintheUS.Increasedportfolioallocationtopreciousmetalshassupportedabroadbasedrallyinpreciousmetalsprices,withplatinumup73%year-to-date(to1stNovember2025)followedbysilverandgoldup68%and53%YTDrespectively.

Thetwooverarchingthesesofsecurityofcriticalmineralsupplyandincreasingallocationstohardassetsasinterestratesdecline,lookslikeitwillpersistwellintothemedium-term.However,theundoubtedfeatureofthenewlypublished2026fPlatinumQuarterlyforecastsisthatplatinuminvestmentdemandisexpectedtodeclineby52%year-on-year.Thedeclineinprojectedplatinuminvestmentdemandfrom2025fto2026f(-385koz)isthelargestfactorofanarrowermarketbalancein2026fcomparedto2025f.However,therearethreecomponentsofinvestmentdemandworthunpackingthathighlightwhatremainsahealthymarket.

Firstly,investmentdemandforecastsarenegativelyimpactedbyoutflowsofstocksheldonexchange.CMEstocksareexpectedtodeclinetonormalisedlevelsofaround~270kozbytheendof2026fversus670kozattheendofQ32025.ThenormalisationofCMEinventoriesshouldfollowimprovedtradecertaintyasanySection232recommendations/actionsbecomeknownandtheUSfinalisesanyoutstandingtradedeals.Overthemediumterm,improvedtradecertaintyshouldimproveplatinum’snon-investmentdemandprospectsinkeyautomotiveandindustrialendmarkets.

Thesecondaspectofweakerinvestmentdemandin2026fstemsfromexpectationsofETFholderstakingprofitsinahigherplatinumpriceenvironment.ItisimportanttorecognisethattheexpectedETFoutflowsarisefrominvestorssellingintoastrongpricingenvironment(i.e.profittaking)ratherthaninvestorssellingintoaweakpricingenvironment(i.e.stemminglosses).Withplatinumpricesnotchingaten-yearhighduring2025andwiththepotentialforfurtherpriceappreciationin2026,ETFsareforecasttoreflectoutflowsin2026fof170kozwhichamountstoaround5%oftotalholdings.ETFdemandisnotoriouslydifficulttoforecast.Accordingly,itisnotunforeseeablethataccumulationsoccurin2026fifinvestorscontinuetoincreasebroaderpreciousmetalsallocations,albeitthisisnotthecurrentbasecasePlatinumQuarterlyforecast.

Thefinalaspectofinvestmentdemandtounpackistheexpectationthattotalplatinumbarandcoindemand(includingChinalargebars>500g)increasesby30%year-on-yearin2026f.HigherbarandcoindemandshouldbeunderpinnedbyongoinggrowthfromChina,butmoreimportantlytherecoveryofex-Chinademand.OthermarketsshouldbenefitfromanuptickinmintingactivitystemmingfromthebasecaseassumptionthatleaseratesdeclinefollowingareturnofmetalfromCMEwarehousesbacktoEuropeanvaults.

Thevolatilityofplatinuminvestmentdemandin2026fisexpectedtopushmarketsbroadlytowardsaminor20kozsurplus.Balancedsupplyanddemandin2026f,reflectsthemetal’srobustfundamentalsdespitepricesclearlyincentivisinghighersupplyandpotentiallyactingasaheadwindtodemand.Totalplatinumsupplyisforecasttoincreasebyamodest4%year-on-yearin2026f,withminesupplyforecasttobe2%higherdrivenbyWIPreleases.Platinumminingispredominantlyfromdeep-levelundergroundmines,whichareinherentlypriceinelasticinthenear-tomedium-term,withcapitalintensive,long-termdevelopmenttime-horizons.Combined,automotive,jewelleryandindustrialdemandareforecasttodecreaseby1%year-on-yearin2026f,againreflectiveofsomedegreeofbroaderpriceinelasticity(particularlywithintheautomotiveandindustrialmarkets).

?2025WorldPlatinumInvestmentCouncil–WPIC?.Allrightsreserved.

Page3of30

PLATINUMQUARTERLYQ32025

WhilethesignificantmovesinETFholdingsandexchangestocksareexpectedtopushplatinumtowardsmorebalancedmarketconditions,thesustainedelevatedleaseratesandstrongbackwardationhighlightthatbalancingflowsfromabovegroundstockstofillthe2025deficithavebeeninsufficienttoeasetightmarketconditions.Thus,itseemsprobablethatasubstantialmarketsurpluswouldbeneededtoalleviatemarkettightnessgoinginto2026.Ultimately,theslowresponsivenessofsupplyanddemandtosubstantiallyhigherpricessupporttheentrenchednatureoftightplatinummarketswhichcontinuestobodewellforplatinum’sattractiveinvestmentcase.

Platinumsupplyanddemandupdate

AdeficitmarketinQ32025reinforcesthe2025fullyearoutlook

DuringQ3’25,totalplatinumsupplywasflatyear-on-year.Itwasoutpacedbydemandgrowthof28%year-on-yearleadingtoadeficitof179koz.Supplywascharacterisedbysomeerosioninminingandan8%year-on-yearuptickinrecycling(largelyjewellerydriven).HigherdemandinQ3’25stemmedfroma358kozbuildinstocksheldonexchange,albeitthiswaspartiallyoffsetby169kozofoutflowsfromETFsduringthequarter.

MarkettrendsduringQ3’25,increasestheconvictionthatplatinummarketswillrecordasubstantialdeficitin2025f.Platinummarketsareexpectedtorecordadeficitof692kozin2025f,equivalentto9%ofannualdemand.In2025f,totalsupplyisexpectedtodeclineby2%year-on-yearaslowerminingsupply(-5%)morethanoffsetshigherrecyclingsupply(+7%).Barring2020,whichwasdisruptedbyCOVID,2025fminesupplyisexpectedtobethelowestsince2014.Platinumdemandisforecasttodeclineby5%year-on-yearin2025f.Lowerdemandisprincipallyduetoacyclicaltroughinglasscapacityadditions(-74%year-on-year)whichisnegativelyimpactingindustrialplatinumdemand.SinceourlastPlatinumQuarterly,annualdemandhasbeenrevisedby-56kozwhichreflectsdowngradestoautomotivedemand(onsmallerenginesizes)andjewellerydemandwhicharepartiallyoffsetbyanupgradetoinvestmentdemand(strongerChineseandJapanesemarkets).

Afirst2026outlookseesmarketmovetoaminorsurplus

Somethemesthathavecharacterisedthepastthreeyearsareexpectedtocontinueinto2026f.Minesupplyremainsconstrained,withgrowthof+2%year-on-yearin2026funderpinnedbyWIPreleases.Wherenewsupplyisexpectedtobecommissioned,thesearelargelyreplacingdepletedoperationsfollowingprioryearsofunderinvestment.Recyclingsupplyisforecasttoincrease10%year-on-yearin2026fhelpingtotalplatinumsupplyreach7,404koz.

Totalplatinumdemandwilldecreaseby6%year-on-yearlargelyduetoanapproximatehalvingofinvestmentdemand–areductiondependentuponaneasingoftarifffears,allowinganoutflowfromstocksheldonexchange,andahigherplatinumpricepromptingETFprofittaking.Automotivedemandwillerodeby3%in2026fduetoongoingdrivetrainelectrification,whilejewellerydemandisimpactedbyloweryear-on-yeardemandinChinarelativetoabuoyant2025f,albeitstill24%higherthan2024.Encouragingly,industrialplatinumdemandisexpectedtobeginrecoveringin2026f(+9%year-on-year)afteracyclicaldownturnin2025f.Inaggregate,anuptickinsupplyandinvestmentdrivendemandsoftnessleadstoanarrowingofplatinummarketbalancestoa20kozsurplusin2026f.

Annualtotalsupplyandchanges2024to2026f(koz)

1647,404

7,303

112

1037,129

-277

2024TotalminingsupplyRecycling2025fTotalminingsupplyRecycling2026fSource:MetalsFocuspreparedforWorldPlatinumInvestmentCouncil

7,500

7,300

7,100

6,900

6,700

6,500

?2025WorldPlatinumInvestmentCouncil–WPIC?.Allrightsreserved.

Page4of30

7,00

PLATINUMQUARTERLYQ32025

Annualtotaldemandandchanges2024to2026f(koz)

8,243-89

149-522

40

-104

-385

174

7,821

-122

7,385

0

8,500

8,000

7,500

2024AutomotiveJewelleryIndustrialInvestment2025fAutomotiveJewelleryIndustrialInvestment2026fSource:MetalsFocuspreparedforWorldPlatinumInvestmentCouncil

WPICinitiativeshighlights

OurworkwithWPIC’swideandgrowingglobalnetworkofproductpartnerscontinuestoprovideuswithinsightstodetermineappropriatestrategiesforincreasinginvestmentinplatinum.

DuringQ3’25,inEuropeandNorthAmerica,ourpartnersreportedstronginvestordemandwithsalesbeingmetthroughsomebuybackandstilllimitednewproductvolumes.Leaseratesremainedelevatedandnewproductmanufactureremainedconstrained,particularlyforcoins.TariffsandtariffconcernsreducedimportedproductavailabilityintheUSwithsomelocallymanufacturedplatinumproductsmeetingstrongdemandthere.SomeunmetbarandcoindemandmovedtophysicallybackedplatinumETFs.

InChina,WPICpartnerplatinumsalesinQ3’25,whilemuchreducedfromtherecordinQ2,werestillstrongandabovethoseofQ1andthe2024average.Retailsalesofmintedbarswerestrongdespitethesignificantpriceincreaseandplatinumcontinuedtobenefitfromthehighpriceofgoldinvestmentproducts.Nevertheless,ourpartnersalesstillgrewover40%year-on-year,withanotablereboundobservedinOctober.TherecentremovalofVATexemptionsonplatinumimportsresultedinashort-termincreaseinChinaimportsandwillincreasetheretailcostofplatinummintedbars.However,thischange,partofabroadertaxreforminitiativeinChina,isexpectedtobenefitplatinumdemandgrowthoverthelongertermwithincreasedliquidityandmarketequality.ItwillalsoreduceliquidityconcernsaheadofthelistingofplatinumfuturesontheGuangzhouFuturesExchangein2025.

Atthe2025BeijingInternationalCoinExpoinOctober,ChinaGoldCoinGrouplaunchedthreeadditionalnewplatinuminvestmentproducts,namelya3gFishtoDragonbar,a3gYearoftheHorsebaranda100gPlatinumPandacoin.OurpartnershipwithBankofCommunicationsandChowTaiSenginlaunchinganewrangeofplatinumproductsalsomarkedamilestoneinChina’splatinummarketdevelopment.

InJapan,netbuyingofbarandcoinproductswasmaintainedthroughthequarterasinvestorbehaviourturnedfromprofittakingastheyenpricepeakedtonetbuyingaspricesstabilised,despiteatsignificantlyhigheryenlevels.Overall,ourpartnersinAsiarecordedhigherQ3salesthansalesinQ1,boostedbyincreasedinvestorinterestdrivenbythestrongpriceincreasein2025.InSeptember,WPICco-hostedaseminarinSingaporewithourpartnerSilverBullion,incollaborationwiththeWorldGoldCouncil,CFASingapore,andtheInvestmentManagementAssociationofSingapore.TheeventattractedsignificantattentionfromfinancialinstitutionsandfurtherstrengthenedWPIC’sfootprintintheASEANmarket.

TrevorRaymond,CEO

Contents

Foreword1

SummaryTable(koz)5

ThirdQuarter2025Review6

2025Outlook11

2026Outlook17

ExpandedTables20

GlossaryofTerms26

CopyrightandDisclaimer30

PreparedforWorldPlatinumInvestmentCouncilbyMetalsFocusLimited(2019onwards)andprioryearsbySFA(Oxford)

Page5of30

PLATINUMQUARTERLYQ32025

Table1:Supply,demandandabovegroundstocksummary(thisdataisrepeatedintonnesinTable7onpage25)

2022

2023

2024

2025f

2026f

2025f/2024

2026f/2025f

Q22025

Q32025

Growth%

Growth%

PlatinumSupply-demandBalance(koz)

SUPPLY

RefinedProduction

5,523

5,606

5,777

5,510

5,622

-5%

2%

1,446

1,403

SouthAfrica

3,915

3,957

4,133

3,945

4,055

-5%

3%

1,044

1,028

Zimbabwe

480

507

512

493

518

-4%

5%

137

119

NorthAmerica

265

278

265

203

186

-24%

-8%

58

49

Russia

663

674

677

672

666

-1%

-1%

158

156

Other

200

190

191.

198.

195

4%

-1%.

49

51

Increase(-)/Decrease(+)inProducerInventory

+45

+14

+10

+0

+0

-100%

N/A

+22

+0

TotalMiningSupply

5,568

5,620

5,787

5,510

5,622

-5%

2%

1,468

1,403

Recycling

1,811

1,515

1,516

1,619

1,782

7%

10%

432

400

Autocatalyst

1,370

1,114

1,143

1,198

1,322

5%

10%

322

290

Jewellery

372

331

298

339

373

14%

10%

90

89

Industrial

69

71

76

81

87

7%

8%

20

21

TotalSupply

7,378

7,135

7,303

7,129

7,404

-2%

4%

1,900

1,803

DEMAND

Automotive

2,766

3,208

3,109

3,020

2,915

-3%

-3%

781

721

Autocatalyst

2,766

3,208

3,109

3,020

2,915

-3%

-3%

781

721

Non-road-

?

?

?

?

?

N/A

N/A

?

?

Jewellery

1,880

1,850

2,008··

2,157··

2,036

7%

-6%

668

471

Industrial

2,166

2,389

2,423

1,902

2,076

-22%

9%

514

504

Chemical

672

839

625

575

633

-8%

10%

146

126

Petroleum

193

159

158

181

154

14%

-15%

45

45

Electrical

106

89

93

95

95

2%

-1%

24

25

Glass

436

491

692

177

295

-74%

66%

82

91

Medical

278

292

308

320

332

4%

4%

80

80

HydrogenStationaryandOther

13

22

41

50

68

20%

36%

11

12

Other

469

497

505

503·

499

0%

-1%·

126·

124

Investment

-518

397

702

742

358

6%

-52%

-64

286

ChangeinBars,Coins

259

322

194

336

462

73%

37%

109

63

ChinaBars≥500g

90

134

162

186

216

15%

16%

47

34

ChangeinETFHoldings

-559

-74

296

70

-170

-76%

N/A

97

-169

ChangeinStocksHeldbyExchanges

-307

14

50

150

-150

200%

N/A

-317

358

TotalDemand

6,295

7,844

8,243

7,821

7,385

-5%

-6%

1,899

1,982

Balance

1,083

-710

-939

-692

20

N/A

N/A

1

-179

AboveGroundStocks

5,528**

4,819

3,879

3,187

3,207

-18%

1%

Source:MetalsFocus2022-2026f.

Notes:

1.**AboveGroundStocks3,650kozasof31December2018(MetalsFocus).

2.?Non-roadautomotivedemandisincludedinautocatalystdemand.

3.Allestimatesarebasedonthelatestavailableinformation,buttheyaresubjecttorevisioninsubsequentquarterlyreports.

4.TheWPICdidnotpublishquarterlyestimatesfor2013orthefirsttwoquartersof2014.However,quarterlyestimatesfromQ3’14,toQ1’23arecontainedinpreviouslypublishedPQswhicharefreelyavailableontheWPICwebsite.

5.QuarterlyestimatesfromQ3’2023andhalf-yearlyestimatesfromH1’2023areincludedinTables3and4respectively,onpages21and22(supply,demandandabovegroundstocks).

6.DetailsofregionalrecyclingsupplyinTable6onpage24areonlypublishedfrom2019.

PreparedforWorldPlatinumInvestmentCouncilbyMetalsFocusLimited(2019onwards)andprioryearsbySFA(Oxford)

Page6of30

PLATINUMQUARTERLYQ32025

2025THIRDQUARTERPLATINUMMARKETREVIEW

PlatinumreturnedtodeficitinQ3’25withashortfallof179kozafterabalancedmarketinQ2’25.RenewedtariffconcernsdroveareversalofflowsbackintoCME-approvedwarehousesintheUS,followingnotableoutflowslastquarter.TheSection232investigation–expectedtohaveconcludedinOctoberbutdelayedbytheextendedUSgovernmentshutdown–remainsthemainsourceofuncertainty.Theseconcernsattimespushedshort-termleaseratestorecordlevels,peakingaround40%inmid-Julyandstayingelevatedsince.Supplywasflatyear-on-yearweighedonbylowerSouthAfricanmineproduction.Overalldemandincreased28%(+438koz),drivenbyinvestmentgains.However,excludingtheswingininvestment,demandfellby4%(-78koz)year-on-year,withautomotive,jewellery,andindustrialdemandfalling2%,4%,and8%,respectively.

Chart1:Supply-demandbalance,koz,Q32025

-179

1,982

1,803

TotalSupplyBalanceTotalDemand

Source:MetalsFocuspreparedforWorldPlatinumInvestmentCouncil

Supply

Globalrefinedminesupplyfell4%year-on-yearto1,403koz,withproductionloweracrossallmajorregions.

Valterra’sSouthAfricanrefinedvolumesfell,mainlyreflectingasignificantdestockingofsemi-finishedinventoryinQ3’24.Implats’ownrefinedproductionwaslittlechangedyear-on-year,althoughscheduledprocessingmaintenanceledtoafurtherbuildinalreadyelevatedwork-in-progressstocks.

ThesedeclineswerepartlyoffsetbythecontinuedimplementationofNortham’sgrowthstrategy,theramp-upofitsElandmine,andareducedimpactfromsmeltermaintenancecomparedwith2024,whichtogethersupportedoveralloutput.Asaresult,SouthAfricanproductioncontracted2%year-on-yearto1,028koz.

Russiansupplydeclined9%year-on-yearto156koz,reflectingloweroreoutputfromNornickel,thecountry’smajorproducer.ThewithdrawalofkeyWesternminingequipmentsuppliershasforcedNornickeltotransitiontoalternativesources,whichcontinuedtoweighonoreproductionduringthequarter.RefinedoutputwasfurtherconstrainedbythedeferredimpactoftransportbottlenecksassociatedwiththeseasonaltransitionfromwintertosummerconditionsinNornickel’snorthernports.

Zimbabweanproductionslipped10%to119koz,largelyreflectingsignificantdestockingofsemi-processedmaterialatUnkiduringQ3’24.OutputfromZimplats,thecountry’slargestproducer,edgedlowerowingtofurnacerepairs.

InNorthAmerica,productionfell16%year-on-yearaslowervolumesfromSibanye-Stillwater’sUSoperations,followingtherestructuringtoasmalleroperatingfootprint,werecompoundedbyamodestdeclineinCanadiannickelby-productoutput.

PreparedforWorldPlatinumInvestmentCouncilbyMetalsFocusLimited(2019onwards)andprioryearsbySFA(Oxford)

Page7of30

PLATINUMQUARTERLYQ32025

Recycling

Despitea23%increaseintheindicativeaverage3EautomotivespentcatalystpriceinQ3’25,recyclingflowscontinuetofallshortofexpectationsandpre-pandemicaverages.Globalspentcatalystrecyclingrosejust3%year-on-yearbutfell10%quarter-on-quarter.ConfusionaroundHarmonisedSystem(HS)codeclassificationscontinuetoweighonactivity,withsomefreshandspentcatalystssharingthesamecodesandattractingdutiesundertheUS’srevisedtariffregime.AbriefpauseintheAugustpricerallymayalsohavepromptedcautionamongrecyclers.Inaddition,severalrecyclersreportedthatsharplate-quarterpricegainsandhigherleaseratesrequiredcreditlineextensions,delayingtheirresponse.

Jewelleryscraprose31%year-on-year,withgainsrecordedacrossallregionsandparticularlystronggrowthinChina.Chineseplatinumjewelleryscrapjumped50%inQ3’25,supportedbya43%riseinthelocalShanghaiGoldExchangeplatinumprice.SomewholesalersandretailersthathadaccumulatedstockaggressivelyinQ2chosetorecycleunsoldpiecesinQ3.

Chart2:Platinumsupply,koz

1,459

1,403

-24

0

370

400

1,805

1,803

RefinedproductionProducerinventoryRecyclingTotal

Q32024Q42024Q12025Q22025Q32025

Source:MetalsFocuspreparedforWorldPlatinumInvestmentCouncil

Demand

TotaldemandinQ3’25rose28%year-on-yearto1,982koz,mainlyreflectingstrongflowsintoCME-approvedwarehouses.Exchangestocksincreasedoncemoreamidrenewedtariffuncertainty–notablyaroundtheSection232investigation–aftersizeableoutflowsinQ2’25astheriskleveltemporarilysubsided.Excludinginvestment,automotivedemandedgeddown2%,jewelleryfell4%,andindustrialdemandcontracted8%.

Chart3:Platinumdemand,koz

1,982

1,544

734

721

286

493

471

547

504

-230

Investment

IndustrialQ32025

Total

AutomotiveJewellery

Q22025

Q32024Q42024Q12025

Source:MetalsFocuspreparedforWorldPlatinumInvestmentCouncil

PreparedforWorldPlatinumInvestmentCouncilbyMetalsFocusLimited(2019onwards)andprioryearsbySFA(Oxford)

Page8of30

PLATINUMQUARTERLYQ32025

Automotivedemand

Globalautomotivedemanddeclined2%(-12koz)year-on-yearinQ3’25to721koz,ledbyweakerinternalcombustionengine(ICE)productioninthelight-dutysegmentandlacklustreheavy-dutyICEoutput.Although,light-dutyoutputrose2%to22.2Munits,thiswaspredominantlyduetobatteryelectricvehicle(BEV)growth,up25%year-on-year,supportedbyChina’snewenergyvehicle(NEV)scrappageschemeandaboostinUSdemandaheadoftheexpiryoftheCleanVehicleCrediton30thSeptember2025.Combined,pureinternalcombustionengine(ICE)andhybridproductionfellby2%.Heavy-dutyvehicleproductionros