Zimbabwe’s refined platinum output surged by 11% in the second quarter of 2026 to reach an all-time quarterly high of 152,000 ounces, driven primarily by the release of accumulated stock following processing disruptions earlier in the year, latest data shows.

According to the World Platinum Investment Council (WPIC), the record performance principally reflected a one-time drawdown of 29,000 ounces of semi-finished platinum inventory at Zimplats.

WPIC said the stock had built up during the first quarter of 2026 due to scheduled smelter maintenance.

The council said performance across the rest of the country’s platinum sector yielded mixed results.

“Following the restart of its furnace in March, platinum smelter output increased 14% year-on-year. Elsewhere, Unki’s refined output increased, while Mimosa’s production was affected by intermittent power disruptions,” WPIC said in its latest quarterly report.

WPIC said global platinum markets face a shift in 2026, with forecasts of a moderate annual market surplus of 265,000 ounces.

This marks a major reversal from three consecutive years of substantial deficits between 2023 and 2025, which peaked at a deficit of 1.44 million ounces in 2025.

According to the WPIC, the surplus follows a half-year surplus of 548,000 ounces. Net investment demand turned negative during the second quarter due to significant exchange-traded fund liquidations and a drop in Chinese bar and coin purchases.

Total platinum demand in 2026 is expected to contract by 18% to 7.09 million ounces. Overall supply is projected to rise 2% to 7.35 million ounces, largely driven by an 8% increase in recycling volumes.

WPIC said total global mine supply is forecast to remain flat at 5.55 million ounces in 2026, with slight gains in South Africa offset by declines in other major producing regions.

Zimbabwe plays a central role in global platinum supply, maintaining its position as the world’s third-largest producer of the metal behind South Africa and Russia.

The Southern African country holds the world’s second-largest known reserves of platinum group metals located within the Great Dyke, a 550-kilometre geological feature stretching north-to-south across the country.

Looking ahead to the second half of 2026, the WPIC expects global platinum markets to enter a deficit of 283,000 ounces as investment demand normalises, though it will not fully offset the heavy surpluses recorded earlier in the year.