The platinum market is expected to post a deficit of 1.218-million ounces this year, a report from Johnson Matthey showed on Tuesday, the largest shortfall since it began compiling data in 1975.

South Africa, currently facing its longest and costliest platinum miners’ strike ever, is expected to supply quarter of a million fewer ounces of metal in 2014 than last year — some 3.953-million ounces against 4.209-million in 2013.

With Russian output seen dipping by 15,000 ounces, total mined supply of platinum is expected to fall 267,000 ounces to 5.562-million ounces.