"The industry is in a lot of trouble," Amplats CEO Chris Griffith said on Friday.
Simon Scott, acting CEO of world number three producer, Lonmin, said firms may have little choice but to cut production further.
"If we as an industry see significant wage increases in the middle of the year, there will be no option for those at the top of the cost curve than to take out that production not making money," he said.
Impala Platinum has warned of a growing number of loss-making or marginal shafts, and analysts expect it also to announce a restructuring.
The industry woes are reflected in share prices, with the JSE platinum index down about a third so far this year. Implats gave up 37% of value and Amplats 31%.
Tito Mboweni, former Reserve Bank governor and now chairman of AngloGold Ashanti, said on Monday the labour dispensation put in place from 1994 is "beginning to suffer under a bit of strain. The strikes we saw last year starting in the platinum sector and spreading to the gold and other sectors is really a manifestation of that strain."
Johnson Matthey expects South Africa to sell about as much platinum this year as last year’s 4.1-million ounces, but much depends on the labour situation. "We anticipate tough negotiations. On one side there’s an expectation of double-digit increases and on the other side there isn’t the ability to pay those increases."