Morning Bites (part 1)

🇿🇦South Africa’s PGM mining output rose 9% YoY in December, decelerating from the +15% YoY in November. Meanwhile, local gold production was down 3% YoY. Despite the somewhat positive PGM production dynamics in late 2023, major SA PGM miners (e.g. Sibanye and Impala) have recently announced job cuts, with demand (mainly from the automotive sector) being weak, while supply has remained generally stable, which triggered drops in Pd and Pt prices (-40% YoY and -15% YoY, respectively, in 2023). Hence, we might see a potentially greater supply response in 2024

We also remind readers that 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