Platts reported Barclays analysts said the future of the platinum group metals market is dependent on the recovery of platinum and palladium from spent catalytic converters.
As quoted in the market news:
Though many trade and investment bank analysts agree that platinum will end the year in surplus, questions remain about palladium due to the recovery of US and Chinese auto sales and sales of Russian state stockpiles. Palladium is used in catalytic converters for gasoline-powered vehicles like those sold in the US and China, while platinum is used in diesel-powered vehicles in Europe.
Last year, platinum recovered from auto catalysts totaled 1.225 million oz, accounting for 14% of global supply, while palladium recovered from auto catalysts totaled 1.655 million oz, or 17% of global supply, Barclays precious metals analyst Suki Cooper said in a report.