The 116-page Platinum Group Metals Focus 2025 published by Metals Focus, an independent precious metals consultancy headquartered in London, was released May 19.

Metals Focus boasts 28 metals analysts across nine markets.

Metals Focus provides in-depth consulting services to mining companies, corporations, investment funds, central banks, financial institutions and governments based on its extensive precious metals research.

Among the highlights noted in Platinum Group Metals Focus 2025:
* Platinum: The platinum price is forecast to average $970 in 2025, up 1% over 2024, supported by deficits in supply, but limited by above-ground stocks.
* Palladium: Palladium is expected to fall 5% to $930, as its bearish longer-term outlook and automotive uncertainty weigh on the metal.
* Rhodium: Rhodium is forecast to increase 8% to $5,000, supported by limited stocks.
* Iridium: Iridium is forecast to decline 14% to $4,100, reflecting a high base in 2024.
* Ruthenium: Decade-high demand is expected to lift the ruthenium price 26% to $550.

Platinum

According to the 116-page report, platinum mine supply rose 3% in 2024 to 5.77 million ounces, primarily based on work-in-process stockpiles in South Africa. South African output was boosted to 4.13 million ounces, the first time since 2021 it has exceeded 4 million ounces.

Production elsewhere fell 1%, driven by lower output from North American primary miners.

During 2024, platinum jewelry fabrication skyrocketed 9% to 2.01 million ounces — its highest level since 2019.

India was the key driver, with export-focused orders lifting local fabrication by 31%.

Japan followed with the next largest gain, helped by gold’s high price, which boosted platinum’s market share.

“Western demand rose, also on the back of the record-wide platinum to gold discount,” according to the Metals Focus analysis.

Physical investment in platinum plummeted 40% in 2024 to 194,000 ounces, “a 10-year low, on weak North American retail interest and further Japanese selling.”

Exchange-traded funds rose 10% to 3.30 million ounces, bolstered as “platinum’s widening discount to gold underpinned renewed investor interest.”

Palladium

In 2024, palladium mine supply crept up by less than 1% to 6.56 million ounces, supported by higher Russian processing, despite sanctions.

Canada’s production dropped by 10% from the year before, “as lower prices forced miners to prioritize higher margin ounces,” according to the Metals Focus market analysis.

In 2024, total palladium demand slipped 4% to 9.75 million ounces,  driven primarily by a decline in automotive demand, which accounted for 83% of the total.

Jewelry demand for palladium rose by 1% in 2024 to 235,000 ounces, a five-year high although this still made up just 2% of total palladium demand. Japan led these gains, with increased use of palladium in platinum alloys.

“Despite ongoing bearish investor sentiment,” palladium saw a 407,000-ounce shortfall in 2024. Nonetheless, stockpiles remain equivalent to 14 months of demand.

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