Morning Bites

EU + UK passenger car registrations increased 7% YoY in April, vs. the 11% YoY gain in March, per ACEA data. The numbers were broadly in-line with preliminary estimates. The overall figure, however, was still 14% lower than the pre-Covid level (April 2019). Specifically, local catalyst-containing car sales gained 1% YoY, while BEV registrations surged 41% YoY 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. Moreover, inflationary pressure, if high oil prices persist, could eventually trigger a bull-run in precious metals prices, we believe

In 2025, the EU+UK accounted for some 23% and 25% of world autocatalyst Pd and Pt demand, respectively

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