Palladium prices won’t recover unless the mining industry cuts supply further, according to the boss of a South African producer.
“We need to see a real structural change in the supply of palladium to reassert pricing power into the market,” he said in an interview. “That’s obviously going to bring some pain but we think it’s necessary.” Implats and Sibanye have already taken an ax to high-cost, palladium-dominant assets in North America, shelving an expansion and shortening the life of a mine. Nornickel has said its palladium output could fall as much as 15% this year.
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