In-depth research and analysis from experts
SFA (Oxford)'s "Joining the dots between metal flows and price-setting" report provides answers to commercial questions which we have all posed. This specialist report yields unrivalled insights and definitive answers to PGM purchasing dynamics between market participants, and the complexity of the associated price web and factors which drive PGM prices.
The real world of PGM pricing
This comprehensive study guides you through the labyrinth of platinum, palladium and rhodium metal flows from mine to market. It is an ‘Enigma code’ revealing the real world of PGM pricing, and was originally undertaken for a major institutional investor in PGMs who is now happy for us to share the study with selected clients. The study contains unrivalled insight with over 300 pages of detailed analysis, commentary and charts. It provides definitive answers to commercial questions which we have all posed, such as:
Where is the price made and to what extent does this reflect the physical movement of metal?
Who trades on the London ‘Fix’ (auction) and what is the volume of trade?
How do the demand-side participants (automotive, jewellery, and industrial) source their metal, and how do they price it?
How do the supply-side participants (producers and recyclers) sell their metal, and how do they price it?
How are contracts on futures markets (NYMEX, TOCOM) priced, and to what extent does trade on these markets actually result in the physical movement of metal?
What is the history of estimated above-ground stocks and how does this look against prices for each of the metals?
Where do above-ground stocks sit (split by OEM, fabricator, jewellery, industrial, investor etc.), and when these stocks are being drawn down, where are these transactions taking place and how are these trades being priced?
How can an analysis of the supply-demand balance over the last 10-20 years highlight the drivers of spot price changes for each PGM over time?
What were the event-driven impacts on price and how did these detach the price from fundamentals? How did PGM prices react to these events compared with other commodities?
What is the link between purchasing demand and end-use demand and its impact on price?
We trust having joined the dots between metal flows and price-setting you will be better positioned to truly understand price risks and thus strategically respond to these dynamics.
Who should read this report?
Commodity risk managers from fabricators, car companies, petroleum companies and other end-users, for help with assessing price volatility, price direction, or the economics and security of supply.
Financiers, pension funds, investors, traders and other financial institutions needing to understand the key upside and downside price influences and trends.
New business entrants.
Live Q&A with the analysts
Our PGM Join the Dots market intelligence report is supported by a video call, most often hosted through MS Teams, which is led by Beresford Clarke, along with our team of expert PGM analysts to highlight the key market aspects and address any further questions you may have.
Contact one of our team for more details
Other PGM market reports
Explore other reports our clients use regularly.
Released every three months, this price risk-focused report details-impacting factors for platinum, palladium and rhodium markets for the next three years.
Our highly detailed market view provides current and long-term trends and influences acting on the global PGM markets.
SFA's new ground-breaking forward-looking report analyses the influences, market risks and trends on the PGM markets out to 2050.
Stay up-to-date with a quarterly 5-year forecast on ruthenium's technological developments and underlying evolution of supply, demand and end-use applications.
A comprehensive quarterly report on iridium market fundamentals and integration of future technologies for new and existing end-users.
A proprietary report unlocking the current and future demands for precious metals (Pt, Ir, and Ru) used in electrolysers and fuel cells for the hydrogen economy.
In collaboration with Heraeus, this weekly report makes sure all the key precious metal and macroeconomic developments are fully analysed by the SFA team.
A comprehensive study of recycled autocatalysts from scrapyards, collection, decanners, smelting and refining players, technology developments and economics.
A detailed look at the precious metals recovered from PGM processing plant waste streams at concentrators, smelters and refineries, and tailings dams.
SFA's advanced mineral processing assessment offers offtake opportunities into existing PGM smelting, base metals and precious metals refining facilities.
DCF scenario modelling analysing the attractiveness of global PGM projects based on incentivised PGM pricing which can motivate new supply.
An evaluation on future platinum, palladium and rhodium supply risk from mines and projects around the world, and the economic cost of production.
Analytics on the PGM primary production landscape, assessing estimated depletion rates of mines and projects, forecasting ounce loss.
Our bespoke chrome report gives our latest view on supply, demand, and pricing out to 2026 and analyses the impact of chrome on mine profitability.
An assessment of PGM purchasing, trade flows and end-use consumption as well as mapping key industry players for strategic investment.
Bottom-up evaluation of the precious metals trading environment, regulatory framework, end-use markets, recycling volumes and key players.
A critical impact study of PGM consumption by country of major-end uses, and future metal requirements by company.
Detailed market intelligence on PGM demand and supply, major players and the recycling market to assist strategic planning.