Gokhran May Have Enough Palladium for Exports in 2012, But What of 2013?

Mineweb reports that while Russia has enough palladium stockpiled for 2012, consensus is that there is unlikely to be much left after 2012.

The market news is quoted as saying,

In their authoritative reviews released last month, both Johnson Matthey and GFMS addressed this issue and the two houses are of similar views with respect to the outlook on this issue.  JM and GFMS employ different methodologies in their analyses of the PGM markets and how they present the market balance.  The former assesses purchases and sales, while GFMS looks at overall supply and demand and so the shifts in inventories are treated slightly differently, but the overall shapes of the markets are similar.  JM’s latest annual study, “Platinum 2011″ estimates that the palladium market was in an overall deficit of 490,000 ounces last year, equivalent to approximately 2.6 weeks’ global industrial demand for the metal in 2010.  This includes the company’s estimate of a million ounces of stocks sales from Russia.  Without this metal, therefore, on JM’s methodology the palladium market would have been in a deficit of 1.49 million ounces or eight weeks’ global demand.

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