Morning Bites (part 1)

📌Johnson Matthey expects balanced Pd and deep-deficit Pt markets in 2025

🚗 According to JM, global Pd-Pt demand from the automotive sector is set to decline 5% YoY in 2025, taking into account trade-war concerns and the fact gasoline cars are losing share to BEVs, especially in China. To recap, the Chinese automotive sector accounted for 18% and 17% of global Pt and Pd demand, respectively, last year

📊 In 2025 JM sees a ~10% deficit on the global Pt market, as it less exposed to the downturn in automotive demand due to diversified demand structure; Pd is expected to shift into a balanced state after 5% deficit in 2024 as it more dependent on autocatalyst demand (~85% of Pd consumption)

⛏On the supply side, according to JM, primary Pt and Pd supply are expected to fall 3-4% YoY in 2025, mainly driven by workforce 'rationalisation programmes' in South Africa, as well as planned production cuts in North America, amid continuously weak prices

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