Platinum (Pt): Uses, Supply Chain and Market
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Platinum is a platinum-group metal used mainly in catalytic converters, and South Africa mines most of it. In 2025 South Africa produced an estimated 120,000 kg, 71% of world mine production (USGS world total: 170,000 kg), according to the US Geological Survey (USGS). US net import reliance for platinum in 2025 was 89%. Platinum is on all four official critical minerals lists: the US, EU, Australian and Canadian.
71%
of world mine production came from South Africa in 2025
Which countries produce platinum?
| Country | 2024 | 2025 (estimate) | Share of 2025 world |
|---|---|---|---|
| South Africa | 126,000 | 120,000 | 71% |
| Russia | 22,000 | 20,000 | 12% |
| Zimbabwe | 18,400 | 18,000 | 11% |
| Canada | 5,700 | 5,000 | 2.9% |
| United States | 3,010 | 1,800 | 1.1% |
| All other countries | 3,860 | 3,900 | 2.3% |
| World total (USGS, rounded) | 179,000 | 170,000 | 100% |
Source: USGS Mineral Commodity Summaries 2026, Platinum-group metals. Shares are calculated from the country figures and can differ by a point or two from percentages USGS states in its text, because USGS rounds its figures. NA means not available; Withheld means USGS withheld the figure to avoid disclosing company data.
What is platinum used for?
US apparent consumption of platinum was an estimated 92,000 kilograms in 2025, against 68,900 kilograms in 2024.
- Platinum-group metal uses: USGS does not split platinum-group metal uses by metal. The leading use is catalytic converters that cut harmful emissions from automobiles. Other uses it names are catalysts for bulk chemical production and petroleum refining, dental and medical devices, electronics (computer hard disks, hybridized integrated circuits and multilayer ceramic capacitors), glass manufacturing, investment, jewelry and laboratory equipment.
How much does platinum cost?
| Price | Unit | 2021 | 2022 | 2023 | 2024 | 2025 (estimate) |
|---|---|---|---|---|---|---|
| Platinum, average | dollars per troy ounce | 1,094.31 | 966.54 | 973.00 | 960.70 | 1,200 |
Source: USGS Mineral Commodity Summaries 2026, Platinum-group metals. The 2025 figures are USGS estimates. Prices are annual averages of the series named in each row, so they are not live quotes.
USGS reports the average 2025 price changes as ruthenium +53%, platinum +25%, rhodium +24%, palladium +11% and iridium -9%. USGS says price increases were attributed to decreased production and increased demand, including the substitution of platinum in automobile catalysts.
Is platinum a critical mineral?
Platinum is on all four official critical minerals lists: the US, EU, Australian and Canadian. Each government builds its list with its own method, so a mineral can be critical in one place and not in another.
| Jurisdiction | Status |
|---|---|
| United States | Critical mineral (final 2025 list) |
| European Union | Critical and strategic |
| Australia | Critical minerals list |
| Canada | Critical |
Lists last checked against the primary publications on October 12, 2026. See the comparison of all four lists.
What are the substitutes for platinum?
| Application | Substitute and trade-off |
|---|---|
| Gasoline-engine catalytic converters | Palladium, which has replaced platinum in most of them because of its historically lower price |
| Other industrial end uses | One platinum-group metal can substitute for another, with losses in efficiency |
Source: USGS Mineral Commodity Summaries 2026, Platinum-group metals. USGS says substitutes often cost performance or money; the table gives its wording for each application.
Can platinum be recycled?
About 140,000 kilograms of palladium and platinum were recovered globally from new and old scrap in 2025, including about 50,000 kilograms of palladium and 8,600 kilograms of platinum from automobile catalytic converters in the United States.
What are the supply risks and recent events for platinum?
- 2025. Production of platinum-group metals in South Africa, the leading producer of PGM-containing mined material, decreased an estimated 9% because of declining palladium prices, higher costs of deep-level mining and ongoing electricity supply disruptions.
- 2025. The Defense Logistics Agency stockpile schedule for fiscal year 2025 listed potential disposals of 261 kilograms of platinum.
US import sources, 2021 to 2024. South Africa, 49%; Belgium, 10%; Germany, 10%; Italy, 8%; and other, 23%. (USGS)
Resources. World resources of platinum-group metals are estimated to total more than 100 million kilograms. The largest resources and reserves are in the Bushveld Complex in South Africa.
Which platinum projects are on official lists?
| Project | Country | Promoter | Stage | List |
|---|---|---|---|---|
| OREON (Optimal REcycling Of Nickel) | Belgium | Umicore | Processing | EU, October 2026 |
| Sakatti | Finland | Anglo American Services (UK) Ltd. | Integrated | EU, March 2025 |
| Suhanko project | Finland | Suhanko Arctic Platinum Oy | Extraction | EU, October 2026 |
| Alpha Project | Italy | Solvay Chimica Italia Spa | Recycling | EU, March 2025 |
| RECOVER-IT | Italy | Circular Materials s.r.l. | Recycling | EU, March 2025 |
| ReSuPLIR | Italy | Italrecycling & Investment srl | Integrated | EU, October 2026 |
| Refinis | Lithuania | Refinis recycling plant (UAB Refinis) | Recycling | EU, October 2026 |
| POLVOLT | Poland | Elemental Battery Metals SP. z.o.o. | Recycling | EU, March 2025 |
| Urban mining (TDM Electronics) | Poland | TDM Electronics Inc. | Recycling | EU, October 2026 |
| Aguablanca project | Spain | Rio Narcea Recursos S.A. | Extraction | EU, March 2025 |
| CirCular | Spain | Atlantic Copper SLU | Recycling | EU, March 2025 |
Source: annexes to Commission Decisions C(2025) 1904, C(2025) 3491 and C(2026) 8051. The Commission calls every listed project ongoing; that is not the same as operating. A project is listed here for each material the annex names for it.
| Project | State | Expected products | List |
|---|---|---|---|
| Nikolai Nickel Project | Alaska | Nickel, cobalt, platinum, palladium, copper, chromium (advanced exploration) | Transparency |
| Stillwater Mine | Montana | Platinum and palladium | Transparency |
Source: Permitting Council, current covered projects and current transparency projects, last updated 2 April 2026.
Which companies produce or process platinum?
| Company | Country | Role | What the source says |
|---|---|---|---|
| Valterra Platinum | South Africa | Platinum miner and refiner (JSE: VAL; LSE: VALT) | Its fourth-quarter 2025 production report gives refined platinum production of 1,556.0 thousand ounces for 2025 and own-mined platinum of 931.6 thousand ounces. Its interim results for the first half of 2026 report total PGM production of 1,518,900 ounces, up 4%, and an average realised platinum price 106% higher than in the first half of 2025. Valterra Platinum: production report for the fourth quarter of 2025 (JSE announcement, 5 February 2026) Valterra Platinum: 2026 interim results short-form announcement |
| Impala Platinum (Implats) | South Africa | Platinum miner and refiner (JSE: IMP) | Its FY2026 integrated report shows platinum sales of 1,674.6 thousand ounces (1,588.9 a year earlier) at an average US$1,761 an ounce against US$986, and its results release says Implats contributes approximately 20% of annual global primary PGM production, which is its own estimate. Impala Platinum: Annual Integrated Report for the year to 30 June 2026 Implats: FY2026 results release (3 September 2026) |
| Sibanye-Stillwater | South Africa | Platinum-group metals miner and recycler (JSE: SSW; NYSE: SBSW) | Its half-year results for 2026 report SA PGM production of 789,647 ounces of four metals (platinum, palladium, rhodium and gold) excluding third-party concentrate, down 2%, and recycling sales of 194,926 ounces of five PGMs, up 25%. Sibanye-Stillwater: Form 6-K with results for the half-year ended 30 June 2026 (1 September 2026) |
| Johnson Matthey | United Kingdom | PGM refiner, recycler and publisher of the annual PGM market report (LSE: JMAT) | Its 14 May 2026 market report release forecasts a platinum shortfall for a fourth consecutive year in 2026, with demand down 8% and combined primary and secondary supply contracting as lower South African and Russian mine shipments outweigh a rebound in automotive recycling. Johnson Matthey: 2026 PGM market report release (14 May 2026) |
Each row links to the document that supports it. The list is not exhaustive and is not a ranking.
Frequently asked questions
What is platinum used for?
Platinum is used in platinum-group metal uses. Platinum-group metal uses: USGS does not split platinum-group metal uses by metal. The leading use is catalytic converters that cut harmful emissions from automobiles. Other uses it names are catalysts for bulk chemical production and petroleum refining, dental and medical devices, electronics (computer hard disks, hybridized integrated circuits and multilayer ceramic capacitors), glass manufacturing, investment, jewelry and laboratory equipment.
Which country produces the most platinum?
South Africa produces the most platinum: an estimated 120,000 kg, or 71% of the world total, in 2025, according to the USGS mine production figures.
Is platinum a critical mineral?
Yes. Platinum is on all four official critical minerals lists: the US, EU, Australian and Canadian. Platinum was already on the 2022 US list and stays on the final 2025 list of 60 minerals. US net import reliance for platinum in 2025 was 89%.
How much does platinum cost?
USGS reports the average 2025 price of platinum at $1,200/oz (platinum, average; +25% on 2024).
Sources
Read on October 14, 2026. Figures on this page come from these documents; where a number is an estimate, the source says so.
- USGS Mineral Commodity Summaries 2026: Platinum-group metals. Production, reserves, uses, substitutes, recycling and events
- USGS Mineral Commodity Summaries 2026: introduction (Table 7 and Figures 10A and 10B). Net import reliance, leading producer and price changes for critical minerals
- Federal Register: Final 2025 List of Critical Minerals
- EUR-Lex: Regulation (EU) 2024/1252
- Department of Industry, Science and Resources: Australia’s Critical Minerals List and Strategic Materials List
- Government of Canada: Canada’s critical minerals
- Permitting Council: current FAST-41 projects
- Valterra Platinum: production report for the fourth quarter of 2025 (JSE announcement, 5 February 2026)
- Valterra Platinum: 2026 interim results short-form announcement
- Impala Platinum: Annual Integrated Report for the year to 30 June 2026
- Implats: FY2026 results release (3 September 2026)
- Sibanye-Stillwater: Form 6-K with results for the half-year ended 30 June 2026 (1 September 2026)
- Johnson Matthey: 2026 PGM market report release (14 May 2026)
Related topics
South Africa profile
Production, policy and projects in South Africa.
Critical Minerals Lists Compared
The US, EU, Australian and Canadian lists side by side.
Platinum Group Metals
The six platinum-group metals and their supply.
Iridium
Profile of iridium.
Palladium
Profile of palladium.
Rhodium
Profile of rhodium.
