Summary
The PGM market report is a comprehensive document that outlines the current state and future outlook of the platinum group metals (PGM) market as of May 2025. It details the supply and demand dynamics for platinum, palladium, rhodium, ruthenium, and iridium, highlighting how these metals remained in deficit despite lower production of internal combustion engine vehicles. The report presents data on primary and secondary supply, noting that automotive recycling remained depressed while investment demand for platinum bars increased in China. It discusses price movements for each metal, indicating that they were largely detached from fundamental market balances. The report also includes insights into market liquidity and the impact of external factors such as emissions legislation and global economic conditions. Additionally, it provides a glossary of terms and definitions relevant to the PGM market, ensuring clarity for readers. This annual report serves as a crucial resource for stakeholders in the precious metals industry.
