Morning Bites

🚘EU + UK passenger car registrations rose 2% YoY in February, vs. the 3% YoY drop in January, per the ACEA data. The overall figure was still 14% lower than the pre-Covid level (February 2019). Specifically, local catalyst-containing car sales inched down 1% YoY, which was offset by the strong BEV registrations (+18% YoY) seen last month

In our view, PGM supply issues (e.g., recent SBSW guidance until 2040), cancellation of EV-support programmes in the US (from late-September 2025), as well as potentially higher PGM autocatalyst loadings in China in the 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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