Morning Bites (part 2)

🇿🇦South Africa has extended its ban on scrap-metal exports by six months, Bloomberg reports. The measure was introduced in late-2022 amid efforts to stop copper cable theft. The country’s Trade and Industry minister has ordered the revocation of scrap export permits due to increased cases of damage to the municipal property. In our view, this decision underpins persisting issues that have been exacerbating the negative effects of the local energy crisis, which creates power shortages and weighs on global PGM supply given South Africa accounts for ~38% and 70% of world Pd and Pt mined output, respectively. However, we remain cautious on PGMs, as weak demand from the automotive sector might offset the favorable effects on prices

#PGMs
https://metals-wire.com:3000/sector/PGM