Falling automotive and jewellery demand and rising supply from number one producer South Africa - source of nearly three-quarters of mined platinum - had pushed the platinum market into a 250,000 ounce surplus last year.
That will likely fall to just 25,000 ounces this year, the WPIC said in its Platinum Quarterly report for the final three months of last year.
Demand is forecast to inch higher after last year's drop, with stronger jewellery and industrial buying offsetting falling consumption by carmakers, who use the metal in catalytic converters.
Supply is set to decline slightly, however, as South African output eases back, cutting mine supply by more than a forecast rise in availability of recycled metal.
"Total mining supply is expected to decline by 4 percent to 5.85 million ounces in 2018, mostly owing to reduced output from South Africa following some mine closures in 2017," chief executive Paul Wilson said in the report.
"An expected rebound in jewellery demand plays a significant role in what is expected to be a tighter 2018 for the platinum market than 2017," he added.