The Palladium Market
Palladium price drivers
An introduction to palladium
Palladium is primarily used as a catalyst in the automotive sector, mainly in gasoline-powered on-road vehicles, and has displaced platinum in some parts of on-road diesel engine autocatalysts. The second main use of palladium is in electrical components, specifically in multi-layer ceramic capacitors (MLCCs), as conductive pastes and in electrical plating.
From its humble beginnings in the 1970s and 1980s, the palladium market has grown to over 10 million ounces, mainly as a result of it being a substitute for platinum in autocatalysts for gasoline cars. Russian state stocks have dried up, whilst underlying global primary supply has hardly changed and palladium is now trading at a premium to platinum. However, with palladium overwhelmingly reliant on autocatalysts, accounting for 79% of demand, could this prove to be a 'boom or bust' situation?
Palladium price news and insights

The impact on PGMs from Russia-Ukraine action
25 February 2022 | Beresford Clarke
Sanctions on Russia could impact PGM supply significantly.

Where next for palladium?
14 September 2021 | Stephen A. Forrest, Beresford Clarke
Read SFA's latest edition of The Palladium Standard which discusses current palladium market dynamics, price outlook, and feature articles from selected players, as well as our latest platinum and rhodium outlooks.
Growing 5G smartphone sales and 5G towers signal more silver demand
28 March 2022 | SFA (Oxford) & Heraeus
Russia-Ukraine conflict puts Pd and Rh automotive demand at risk
21 March 2022 | SFA (Oxford) & Heraeus – Edition 9
Will high US gas prices push people into BEVs and impact PGMs?
14 March 2022 | SFA (Oxford) & Heraeus – Edition 8
Russian invasion could accelerate platinum substitution into autocatalysts
7 March 2022 | SFA (Oxford) & Heraeus – Edition 7
Palladium price in context, 1980 to 2021

Palladium market balance
koz | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021f | |
Primary palladium supply | |||||||||
Regional | |||||||||
South Africa | 1,870 | 2,560 | 2,375 | 2,530 | 2,500 | 2,555 | 1,845 | 2,670 | |
Russia | 2,690 | 2,605 | 2,555 | 2,740 | 2,670 | 2,870 | 2,810 | 2,350 | |
Zimbabwe | 330 | 325 | 395 | 395 | 380 | 385 | 405 | 415 | |
North America | 1,055 | 995 | 1,065 | 985 | 1,035 | 975 | 950 | 1,000 | |
Other | 460 | 455 | 420 | 415 | 395 | 395 | 385 | 335 | |
Total | 6,405 | 6,940 | 6,810 | 7,065 | 6,980 | 7,180 | 6,395 | 6,770 | |
Palladium demand and recycling |
|||||||||
Palladium autocatalyst demand | |||||||||
Gross Pd autocatalyst demand | 7,475 | 7,585 | 7,925 | 8,145 | 8,290 | 8,445 | 7,400 | 8,230 | |
Pd autocatalyst recycling | 1,720 | 1,610 | 1,710 | 1,920 | 2,040 | 2,180 | 2,005 | 2,310 | |
Net Pd autocatalyst demand | 5,755 | 5,975 | 6,215 | 6,225 | 6,250 | 6,265 | 5,395 | 5,9200 | |
Palladium jewellery demand | |||||||||
Gross Pd jewellery demand | 295 | 240 | 240 | 225 | 220 | 215 | 155 | 180 | |
Pd jewellery recycling | 120 | 80 | 80 | 70 | 60 | 55 | 50 | 55 | |
Net Pd jewellery demand | 175 | 160 | 160 | 155 | 160 | 160 | 105 | 125 | |
Industrial palladium demand | 1,935 | 1,945 | 1,905 | 1,860 | 1,845 | 1,730 | 1,625 | 1,620 | |
Other palladium recycling | 430 | 435 | 385 | 380 | 375 | 375 | 345 | 400 | |
Gross palladium demand | 9,705 | 9,770 | 10,070 | 10,230 | 10,355 | 10,390 | 9,180 | 10,030 | |
Palladium recycling | 2,270 | 2,125 | 2,175 | 2,370 | 2,475 | 2,610 | 2,400 | 2,765 | |
Net palladium demand | 7,435 | 7,645 | 7,895 | 7,860 | 7,880 | 7,780 | 6,780 | 7,265 | |
Palladium market balance | |||||||||
Palladium balance (before ETFs) | -1,030 | -705 | -1,085 | -795 | -900 | -600 | -385 | -495 | |
Palladium ETFs (stock allocation) | 930 | -665 | -640 | -375 | -560 | -90 | -115 | ||
Palladium balance after ETFs | -1,960 | -40 | -445 | -420 | -340 | -510 | -270 | ||
Palladium price history | |||||||||
Palladium price (USD/oz) |
803 | 691 | 613 | 870 | 1,030 | 1,538 | 2,194 | 2,397 | |
Palladium price (GBP/oz) | 488 | 452 | 457 | 674 | 773 | 1,205 | 1,707 | 1,739 | |
Palladium price (EUR/oz) | 605 | 622 | 555 | 768 | 874 | 1,375 | 1,922 | 2,022 | |
Palladium price (CNY/oz) | 4,949 | 4,333 | 4,082 | 5,861 | 6,827 | 10,641 | 15,117 | 15,471 | |
Palladium price (ZAR/oz) | 8,707 | 8,741 | 8,956 | 11,580 | 13,673 | 22,247 | 35,940 | 35,294 | |
Palladium price (JPY/oz) | 85,003 | 83,503 | 66,501 | 97,485 | 113,853 | 167,631 | 234,191 | 262,844 | |
Source: SFA (Oxford). Updated September 2021.

Linked palladium market reports
SFA (Oxford) provides regular bespoke market intelligence reports on palladium as well as in-depth studies on recycling, metal flows and price setting.
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Trusted advice from a dedicated team of experts.

Stephen A. Forrest
Chairman

Henk de Hoop
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Beresford Clarke
Managing Director: Technical & Research

Dr Jenny Watts
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Dr Ralph Grimble
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Jamie Underwood
Principal Consultant

Carol Lu
Associate Principal Analyst: China

Thomas Chandler
Principal Market Analyst

Oksan Atilan
Consulting Automotive Analyst

Alex Biddle
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Yolandé Fourie
Senior Consultant Metallurgist

Nelsa Martins
Senior Technical Consultant

Daniel Croft
Precious Metals Analyst

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