Page 40 - Bullion world volume 4 issue 6 june 2024
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Bullion World | Volume 4 | Issue 6 | June 2024
Palladium Supply and Demand
Primary supply 2019 2020 2021 2022 2023 2024
tonnes
South Africa 80.0 61.4 82.3 70.8 73.0 71.7
Russia 92.9 82.0 83.6 71.5 84.0 80.9
North America 32.4 30.8 28.2 25.9 26.8 28.0
Zimbabwe 11.8 12.8 12.2 12.7 13.3 13.4
Others 4.3 5.7 6.6 6.5 6.5 6.7
Total primary supply 221.4 192.7 212.9 187.4 203.6 200.7
Secondary supply 2019 2020 2021 2022 2023 2024
tonnes
Automotive 90.7 83.7 89.7 84.9 72.6 76.2
Electrical & 14.9 13.3 13.8 14.1 14.4 14.4
electronics
Jewellery 0.3 0.2 0.3 0.3 0.3 0.3
Total secondary 105.9 97.2 103.8 99.3 87.3 90.9
supply
Combined primary 327.3 289.9 316.7 286.7 290.9 291.6
and secondary supply
Demand tonnes 2019 2020 2021 2022 2023 2024
Automotive 301.0 266.6 264.4 263.1 272.0 253.4
Chemical 16.4 15.5 18.5 18.7 16.9 16.7
Dental & biomedical 9.9 7.1 6.6 5.9 6.1 5.8
Electrical & 22.1 19.7 20.1 17.0 15.9 16.3
electronics
Investment -2.7 -5.9 0.6 -3.4 1.9 0.9
Jewellery 4.0 2.7 2.7 2.7 2.6 2.5
Pollution control 2.7 2.6 3.5 3.7 4.2 4.3
Other 3.8 2.8 3.0 2.5 3.0 2.8
Total demand 357.2 311.1 319.4 310.2 322.6 302.7
Movement in stocks -29.9 -21.2 -2.7 -23.5 -31.7 -11.1
Secondary supply comprises ‘open-loop’ recycling from the automotive, jewellery and electronics sectors.
Industrial demand is net of ‘closed-loop’ recycling and sales of surplus metal back to the market, for example due to
plant closures. It represents new metal requirements by industrial consumers in each year.
Source – Johnson Matthey PGM Market Report, May 2024.
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