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Morning Bites (part 1)

🇨🇳China has excluded EVs from its 2026-2030 strategic industries plan, for the first time in more than a decade, signaling a potential shift away from state support, Reuters reports. According to market participants, it seems that now Beijing considers the local EV industry to be mature (as China accounted for ~2/3 of global EV sales in 2024) and no longer requiring the same level of government support

In our view, this is a fundamentally positive factor for local PGM demand, which might bolster Chinese ICE-containing car sales in 2026-30. Furthermore, upcoming China 7 emissions standard might lead to materially higher autocatalyst PGM loadings in China, providing additional support to Pd and Pt demand after 2027

#PGMs
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