Platinum to Stay in Deficit; Palladium & Rhodium May Surplus in 2026
Johnson Matthey’s PGM Market Report projects platinum to remain in supply deficit this year, while palladium and rhodium could see small surpluses. The outlook cites weak autocatalyst recycling, mine rationalisation, and robust industrial demand from petrochemicals, electronics, and ICE vehicles.
Johnson Matthey’s PGM Market Report projects platinum to remain in supply deficit this year, while palladium and rhodium could see small surpluses. The outlook cites weak autocatalyst recycling, mine rationalisation, and robust industrial demand from petrochemicals, electronics, and ICE vehicles.
A platinum deficit signals upward price pressure in the short‑to‑medium term, whereas the expected palladium and rhodium surpluses could ease price pressure on those metals. Supply constraints from South Africa and North America will keep platinum a key focus, while palladium and rhodium may see softer demand‑driven price action.