Russia may boost platinum market as automakers switch from palladium, WPIC says

are accelerating efforts to use less palladium and more platinum due to worries over palladium supply from Russia, the World Platinum Investment Council said on Monday, predicting a large surplus in the platinum market this year.

Russia accounts for around 25-30% of the world's supply of palladium and around 8-10% of its platinum.There is no sign that Russian exports have been curtailed by sanctions on the country since it sent troops into Ukraine in February but with the war dragging on, more companies may boycott Russian metal and governments could impose restrictions.

A machine engraves information on an ingot of 99.98 percent pure palladium at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022.

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