Platinum Deficits to Persist as EV Rollout Slows, Valterra Says

Valterra Platinum Ltd.’s CEO predicts persistent platinum-group metal deficits through 2026 due to slower-than-expected electric vehicle adoption, easing earlier concerns over declining demand from internal combustion engine phaseouts. The EV transition’s deceleration has unexpectedly bolstered platinum and palladium markets, as catalytic converters—key consumers of these metals—remain dominant in traditional vehicles longer than anticipated. Supply shortfalls will likely continue as mining output struggles to meet sustained industrial demand, particularly in automotive and chemical sectors, despite reduced long-term growth projections for fossil-fuel vehicles. Platinum and palladium prices may stabilize or rise as delayed EV adoption extends the lifespan of internal combustion engines, countering prior bearish forecasts tied to accelerated electrification timelines. The shift highlights how uneven global EV rollouts—especially in emerging markets—are reshaping commodity outlooks, forcing miners and investors to recalibrate strategies amid evolving energy transition dynamics.