Platinum-Group Metals in 2025: USGS Shows South Africa Mines 71 Percent of Platinum

Platinum-group metals in 2025 saw world mine output fall, with palladium production estimated at 190,000 kilograms and platinum at 170,000, according to the U.S. Geological Survey’s Mineral Commodity Summaries 2026. Prices rose at the same time: the USGS puts the platinum average up 25% and palladium up 11%. This article summarizes the USGS chapter, explains the main numbers and flags what the chapter does not say.

Who mines platinum and palladium?

The USGS gives estimated 2025 mine production in kilograms of metal content. For palladium, the leaders are Russia at 84,000, South Africa at 70,000, Canada at 16,000, Zimbabwe at 15,000 and the United States at 6,200. For platinum, South Africa leads at 120,000, followed by Russia at 20,000, Zimbabwe at 18,000, Canada at 5,000 and the United States at 1,800.

The world totals are 190,000 kilograms of palladium, down from 217,000 in 2024, and 170,000 of platinum, down from 179,000. By our own arithmetic, that is a fall of about 12% for palladium and 5% for platinum. South Africa mined about 71% of the platinum, and Russia about 44% of the palladium. The USGS labels the totals as rounded, and the country figures do not add exactly to them.

Why did output fall?

The USGS gives reasons for the two largest producers. South African output fell about 9% because of lower palladium prices earlier, higher costs of deep-level mining and electricity supply disruptions. Russian output fell about 6% because of lower metal grades and ore recovery, uncertainty tied to the conflict between Russia and Ukraine and new mining equipment at one operation. In the United States, one Montana operation stayed on care and maintenance, and the estimated value of U.S. production fell 31% to about $290 million from $420 million.

How did prices move?

The USGS estimates the 2025 average at $1,100 per troy ounce for palladium, up 11% from $994.90, and $1,200 for platinum, up 25% from $960.70. Ruthenium rose 53% and rhodium 24%, while iridium fell 9%. By our arithmetic, platinum moved from below palladium in 2024 to above it in 2025. That reversal matters because palladium can replace platinum in some products, a point the USGS makes directly.

What are these metals used for?

The leading use is the catalytic converter in automobiles, which cleans exhaust gases. Other uses include catalysts for bulk chemicals and petroleum refining, dental and medical devices, electronics, glass manufacturing, investment, jewelry and laboratory equipment. The USGS notes that palladium often replaces platinum in gasoline-engine converters, and that about 25% of the platinum in diesel converters can be replaced by palladium.

How dependent is the United States on imports?

The USGS estimates U.S. net import reliance at 89% for platinum, up from 85%, and 57% for palladium, up from 34%. Unwrought and semimanufactured platinum-group metals enter the United States free of duty under normal trade relations. The chapter also lists reserves: more than 76 million kilograms worldwide, of which South Africa holds 63 million. We do not report the Russian reserve line, because it was garbled in the copy we read.

How concentrated is the supply?

Two countries dominate both metals. By our own arithmetic, South Africa and Russia together mined about 81% of the palladium and about 82% of the platinum in 2025. The United States supplied only about 3% of the palladium and about 1% of the platinum. This concentration explains why the chapter spends so much space on events in those two countries, such as electricity disruptions in South Africa and ore grades in Russia. A problem at a few large operations can move the world total, which is a general observation and is not stated by the USGS.

What does the substitution rule mean?

Because palladium can replace platinum in gasoline converters, and about a quarter of the platinum in diesel converters, buyers can shift between the two when the price gap changes. The USGS gives the substitution facts but does not say how much switching took place in 2025. We therefore do not claim that the price reversal caused any particular change in demand.

How to read the numbers

Production fell while prices rose, which suggests supply was tight, but the USGS does not state that cause. Price averages also hide movements within the year. A reader should treat the price and production figures as related facts from the same year, not as proof that one caused the other. The platinum and palladium reserve figures come in one combined column in the table, so they cannot be split.

What do the numbers say about electric vehicles?

Catalytic converters are the main use, and battery electric vehicles do not need them. That general point is ours and is not quoted from the USGS. The chapter does not forecast demand, and it lists no estimate of how vehicle electrification will affect these metals. Our report on the Global EV Outlook 2026 covers the sales side of that question.

How does this connect to other coverage?

Platinum-group metals are often mined with other metals. Our articles on nickel in 2025 and cobalt in 2025 cover two metals that also depend on a few producing countries, and the USGS summary of U.S. mineral production puts the sector in context. The guide to rare earth elements covers another group of critical materials.

What should readers watch for next?

The open questions for 2026 are whether prices stay higher, whether South African electricity supply improves and how automotive demand changes. The chapter covers 2025 and does not forecast.

Glossary

• Platinum-group metals: six related metals: platinum, palladium, rhodium, ruthenium, iridium and osmium
• Catalytic converter: a device that reduces harmful gases in vehicle exhaust
• Troy ounce: a unit of weight for precious metals, about 31.1 grams
• Care and maintenance: a mine kept safe but not producing
• Net import reliance: imports minus exports as a share of consumption

These definitions are general explanations and are not quoted from the USGS.

What is not covered here?

We did not read the stockpile table, whose columns were misaligned, and we give no investment advice or price forecast.

Key facts at a glance

• Palladium output, 2025: 190,000 kg, down from 217,000
• Platinum output, 2025: 170,000 kg, down from 179,000
• Platinum price: $1,200 an ounce, up 25%
• Palladium price: $1,100 an ounce, up 11%
• U.S. import reliance: platinum 89%, palladium 57%

Frequently asked questions

Which country mines the most platinum?

South Africa, at an estimated 120,000 kilograms in 2025.

Which country mines the most palladium?

Russia, at an estimated 84,000 kilograms, with South Africa second.

What is the main use?

Catalytic converters for automobiles.