Johnson Matthey 2026 PGM Outlook: Platinum Shortage, Palladium and Rhodium Surpluses
The report projects a platinum deficit in 2026 driven by declining South African output and limited recycling, while palladium and rhodium are expected to see modest surpluses as Russian supply contracts and secondary recycling rises. The supply squeeze for platinum is likely to lift prices, whereas palladium and rhodium may experience downward pressure. Structural shifts in mining and recycling are poised to reshape the PGM market in the near term.
The report projects a platinum deficit in 2026 driven by declining South African output and limited recycling, while palladium and rhodium are expected to see modest surpluses as Russian supply contracts and secondary recycling rises. The supply squeeze for platinum is likely to lift prices, whereas palladium and rhodium may experience downward pressure. Structural shifts in mining and recycling are poised to reshape the PGM market in the near term.
Platinum’s deficit signals a potential price rally and heightened demand from automotive and clean‑energy sectors, prompting strategic buying. Palladium and rhodium surpluses could soften prices, affecting catalyst manufacturers and electronics suppliers. Traders should monitor South African mine output and recycling trends for short‑term price movements.