A catalyst metal: most platinum goes into cleaning exhaust, and seven-tenths of it comes from one country.
Platinum is one of the six platinum-group metals (PGMs: platinum, palladium, rhodium, iridium, osmium and ruthenium), which occur together and are mined together. The leading use of PGMs is catalytic converters that reduce harmful emissions from vehicles, with platinum central in diesel engines. Platinum is also used in chemical and petroleum-refining catalysts, glass-fibre manufacture, electronics, jewellery and investment bars, and is a key material in hydrogen electrolysers and fuel cells. Only about 170 tonnes are mined each year, and because platinum is mined with its sister metals, supply depends on the economics of the whole PGM basket, not on platinum alone.
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Designations are indicative equivalents. Always confirm the exact standard, edition and temper or form on the purchase order and the mill certificate.
South Africa mines about 71% of the world's platinum, and South Africa, Russia and Zimbabwe together about 93%. South African output fell about 9% in 2025 because of declining palladium prices (which hurt the revenue of the mines), higher costs of deep-level mining and continuing electricity supply disruptions. Other countries add about 3,900 kg. World total about 170,000 kg. Source: USGS Mineral Commodity Summaries 2026.
USGS puts world PGM reserves at more than 76 million kilograms (76,000 t) of platinum-group metals combined. South Africa holds about 63,000 t (about 83%), Russia about 11,000 t, Zimbabwe about 1,300 t, the United States about 590 t and Canada about 310 t. The largest resources and reserves are in the Bushveld Complex in South Africa, a layered intrusion that also hosts much of the world's chromium. Because platinum, palladium and rhodium occur together in fixed proportions in each ore, reserves are quoted for the group, not for each metal.
PGM ores are crushed and floated to a concentrate, smelted to a matte, and then separated in a long refining chain that splits platinum from palladium, rhodium and the minor PGMs. Refining takes weeks and the metal sits in the process (the "pipeline"), so the supply of a refined PGM lags mine output. The main producers are in South Africa and Russia, with Zimbabwe, Canada and the United States as smaller sources. In Russia and Canada the PGMs are largely a by-product of nickel-copper mining, while in South Africa, Zimbabwe and the United States (Montana) they are the main product.
Recycling is a major source of PGMs. USGS estimates about 140,000 kg of palladium and platinum were recovered globally from new and old scrap in 2025, roughly 40% of the combined mine output of the two metals. Most comes from spent catalytic converters, with the US alone recovering about 50,000 kg of palladium and 8,600 kg of platinum from them, plus industrial and jewellery scrap. Because the PGM content of a converter is valuable, scrap is collected, graded and sold on assay, and the volume that reaches the market depends on vehicle scrappage and the price.
South Africa is the PGM market. It mines about 71% of the world's platinum and holds about 83% of reserves, so mine problems there move prices globally. USGS attributes the 9% fall in South African PGM output in 2025 to low palladium prices, rising costs at deep mines and power supply disruptions. The United States, for example, sourced 49% of its platinum imports from South Africa in 2021-24. For buyers this makes South African electricity supply, mine economics and labour relations part of platinum supply risk, and it is why a second source (Russia, Zimbabwe or recycled metal) matters.
Platinum is priced per troy ounce. The LBMA/LPPM platinum price is set twice daily in London, with futures trading on NYMEX, and the market is much smaller and less liquid than gold. USGS reports the average platinum price rose 25% in 2025 to about $1,200 per ounce, above palladium again, and attributes part of the rise to platinum replacing palladium in some automobile catalysts and to lower production. The other PGMs trade in separate, thinner markets: in 2025 rhodium averaged about $5,800, iridium about $4,400 and ruthenium about $690 per ounce.
Industrial buyers purchase platinum as sponge, powder, wire, gauze or alloy, and alongside spot trading, forward sales and leases are widely used between producers, refiners and industrial customers. Catalysts and scrap are priced on assay of PGM content, with a deduction for the refiner's processing charge, so the assay method and the treatment terms are as important as the metal price.
For platinum, specify purity and form (sponge, bar, gauze, alloy), buy on contained troy ounces and a clearly stated price reference, and for scrap or catalysts agree the sampling and assay method in advance. Ask about the origin of the metal, because South African and Russian supply carry different risks.
Talk to a SpecialistProduction and reserve figures are USGS estimates for 2025 unless stated. Figures are rounded and change with each annual revision.