Morning Bites

🇿🇦South Africa’s PGM mining output rose 17% YoY in October, mainly due to the low base effect (-33% YoY in October 2022), following the 4% YoY growth in September. Meanwhile, local gold production inched up 2% YoY. Overall, given the various economic and infrastructure challenges in SA, as well as the subdued PGM prices that triggered job cuts among two major players (Sibanye and Implats), we might potentially see lower supply next year. Anglo American (21% and 34% of global Pd and Pt output, respectively) has also recently lowered its PGM production guidance 8% to 3.3-3.7mnoz in 2024, which could support prices next year. However, at this point, weak automotive demand continues to pressure the performance of PGMs

To recap, SA accounts for ~70% of global Pt, 38% of Pd supply and 3% of world gold production

#PGMs #gold     
https://metals-wire.com/news-reports