Platinum-Group Metals (PGMs)
The six PGMs (Pt, Pd, Rh, Ir, Ru, Os) share catalytic versatility vital for emission control, petrochemicals and hydrogen technologies. Markets are tightly interlinked: automaker substitution between Pt and Pd shifts price ratios, while rhodium (only ~25 t a year mine output) drives outsized volatility. >70 % of PGM ore emerges from South Africa, 10 % from Russia; autocatalyst recycling is therefore a critical, quickly expanding secondary pipeline.
Supply Dynamics
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Bushveld Complex hosts multi-PGM reefs; power disruption and ESG scrutiny threaten output.
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Norilsk by-product PGMs remain vulnerable to geopolitical sanctions.
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Recycling of spent autocats set to exceed 5 Moz Pt eq. by 2030, moderating mine reliance.
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Rhodium’s tiny base load means small demand shocks cause 2-3 times price swings.
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Iridium scarcity (150 t global stocks) could cap PEM-electrolyser scale-up unless thrifting succeeds.
Demand Dynamics
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Gasoline & diesel autocatalysts consume ≈80 % of Pd and Rh, 40 % of Pt; tighter norms lift loadings.
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PEM electrolysers and fuel-cells add rapid Pt/Ir growth; green-H₂ policy drives uptake.
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Chemical catalysts (oxos, ammonia, metathesis) anchor Ru & Ir demand.
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Jewellery, coins and bullion provide price-elastic demand, shifting with GDP & investor sentiment.
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Sensor, medical and glass-fibre uses sustain niche but price-inflexible Ru/Os volumes.