The World Platinum Investment Association (WPIC) said recently that carmakers are accelerating reductions in palladium use and increased use of platinum due to concerns about Russian palladium supplies. However, it still expects a significant surplus in the platinum market this year.
Palladium is used by carmakers in tailpipe emissions systems to reduce carbon emissions. While carmakers prefer palladium for catalytic converters, they are turning to platinum, which is cheaper than palladium, to save costs.
Russia accounts for about 25-30% of the world's palladium supply and 8-10% of its platinum supply.
There is no sign that western sanctions against Russia have restricted palladium exports since the conflict escalated in February, but as the conflict continues, more companies could boycott The Russian metal and governments could impose restrictions.
Platinum is currently trading at about $950 an ounce, about half the price of palladium. Automakers use about 2.5 million to 3 million ounces of platinum and about 8.5 million ounces of palladium each year.
For the year as a whole, platinum supply will be 5 percent lower than in 2021 and demand 2 percent higher, with the automotive sector seeing a 16 percent increase due to increased light vehicle sodium aluminium silicate are still very uncertain.
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The World Platinum Investment Association (WPIC) said recently that carmakers are accelerating reductions in palladium use and increased use of platinum due to concerns about Russian palladium supplies. However, it still expects a significant surplus…
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