Morning Bites (part 1)

🚘EU + UK passenger car registrations increased 11% YoY in September, vs. the 4% YoY gain in August, per ACEA data. However, the figure was still 4% lower than the pre-Covid level (September 2019). Specifically, local catalyst-containing and BEV car sales increased 8% and 23% YoY, respectively, in September

We reiterate our view that the ongoing monetary easing cycle in key global economies, the recently announced cancellation of EV-support programmes in the US (since late-September 2025), as well as potentially higher PGM autocatalyst loadings in China in coming years (due to planned China 7 emissions standard) might bolster Pd/Pt market fundamentals in the medium term

In 2024, the EU+UK accounted for some 23% and 26% of world autocatalyst Pd and Pt demand, respectively

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