Morning Bites (part 2)

⛏Anglo American Platinum (Amplats) plans to cut 17% of its workforce, due to low PGM prices, according to a company report. The restructuring is to affect some 3,700 jobs, while 620 agreements with contractors or service providers to be reviewed. Overall, the news is in-line with Anglo American's lowered production guidance for 2024-25, as well as similar actions of other major South African PGM miners (e.g. Sibanye and Impala) that have recently announced job cuts

In last two years the demand for PGMs (mainly from the auto sector) has been weak, while supply remained generally stable, which triggered drops in Pd and Pt prices (-40% YoY and -15% YoY, respectively, in 2023). Overall, we believe that the supply response is not over yet, which might be a favourable factor for PGM prices in 2024

#AMS #PGM
https://metals-wire.com/sector/PGM