18 April 2024: Latest Russia sanctions unlikely to impact near-term PGM markets, but there may be longer term benefits: 18 April 2024: Latest Russia sanctions unlikely to impact near-term PGM markets, but there may be longer term benefits: Russia accounted for 28% of primary 2E PGM supply in 2023 as a by-product of base metal mining from polymetallic ore bodies. We see a limited impact from the latest round of base metal sanctions; like after the April 2022 PGM sanctions by the London Platinum and Palladium Market, metal will continue flowing. However, the latest sanctions probably eliminate any expectations of supply growth from Russia, which given its importance to class 1 nickel markets may slow BEV growth rates and support higher for longer ICE PGM demand.
Platinum Perspectives
WPIC® research is free of charge. It can be consumed by asset managers under MiFID II