For the Quarter Ending June 2026
Palladium Prices in North America
- In the USA, the Palladium Price Index fell by 24.68% quarter-over-quarter, reflecting comfortable imports and weak automotive demand.
- The average Palladium price for the quarter was approximately USD 1412.67/MT, delivered into USA coastal terminals.
- Palladium Spot Price eased as inventories rose, pressuring the Price Index across US delivery points in June.
- Near-term Palladium Price Forecast signals modest recovery as restricted mine output counters ample recycled supply and weak demand.
- Palladium Production Cost Trend remained stable with unchanged energy and treatment charges, supporting marginal refining margin resilience.
- The Palladium Demand Outlook shows automotive procurement restraint, keeping the Price Index subdued despite industrial pockets of strength.
- Rising inventories at US ports and steady exports moderated tightness, reducing Palladium Spot Price volatility in the month.
- No refinery outages and continuous Montana operation helped maintain supply, easing upward pressure on the Palladium Price Index.
Why did the price of Palladium change in June 2026 in North America?
- Uninterrupted imports from South Africa and Canada increased arrivals, swelling inventories and undermining purchasing urgency.
- Automakers drew down catalyst inventories and reduced call-offs, weakening demand in the US palladium market.
- Stable energy and freight charges contained production costs; scrap inflows increased secondary supply, softening prices.
Palladium Prices in APAC
- In Malaysia, the Palladium Price Index fell by 25.0% quarter-over-quarter, reflecting weaker benchmarks and imports.
- The average Palladium price for the quarter was approximately USD 1485.33/MT, reflecting import-dependent market weakness.
- Competitive selling pressured the Palladium Spot Price, depressing quotations and lowering the Palladium Price Index.
- Near-term Palladium Price Forecast indicates modest recovery as restocking balances steady supply and conservative buying.
- Stable freight and inputs kept the Palladium Production Cost Trend flat, limiting pressure on offers.
- Soft automotive buying, subdued investment weighed on the Palladium Demand Outlook despite electric vehicle registrations.
- Comfortable inventories and timely refiners' shipments increased secondary supply, pressuring transactional volumes and dealer margins.
- Major regional refiners operated normally without logistical disruptions, keeping offers competitive and preventing price rallies.
Why did the price of Palladium change in June 2026 in APAC?
- Ample timely imports from Japan and South Africa increased local availability, removing scarcity premium and pressuring prices.
- Weak investor sentiment and fund liquidation reduced speculative demand, amplifying downward momentum in the domestic Price Index.
- Automotive fabricators postponed purchases and recyclers sold recovered metal, causing transactional thinning and added selling pressure.
China
- In China, the Palladium Price Index fell by 26.4922% quarter-over-quarter, reflecting imports and weaker autocatalyst demand.
- Palladium Spot Price pressures eased as bonded inventories rose, softening the Price Index and merchant offers.
India
- In India, the Palladium Price Index fell by 27.22% quarter-over-quarter, reflecting abundant imports, subdued demand.
- Palladium Spot Price weakness mirrored London and New York boards as imports exceeded converter demand.
Palladium Prices in Europe
- In Germany, the Palladium Price Index fell by 29.0% quarter-over-quarter, reflecting sustained bearish supply and demand imbalance.
- The average Palladium price for the quarter was approximately USD 1472.00/MT, reflecting weaker automotive demand.
- German Palladium Spot Price declined as recycled autocatalyst inflows and South African shipments increased volumes.
- Near-term Palladium Price Forecast shows modest volatility with incremental restocking likely amid balanced mine output.
- Palladium Production Cost Trend tightened marginally as higher energy tariffs offset recent lower electricity costs.
- Palladium Demand Outlook remains weak as automotive offtake pauses, pressuring the local Price Index and refining margins.
- Secondary supply and ETF redemptions increased Ruhr inventories, softening seller bids across the Price Index.
- Operationally, Ruhr refiners ran nameplate capacity, supporting throughput while easing scarcity and moderating price volatility.
Why did the price of Palladium change in June 2026 in Europe?
- Recycled autocatalyst receipts and normalized South African shipments expanded supply, outweighing industrial and automotive demand.
- Domestic automotive offtake softened during model-year changeovers, reducing spot purchases and contributing to downward price pressure.
- Improved spot liquidity and ETF redemptions released metal into markets, narrowing Ruhr premiums and lowering prices.
For the Quarter Ending March 2026
Palladium Prices in North America
- In the USA, the Palladium Price Index rose by 31.90% quarter-over-quarter, driven by import constraints and restocking.
- The average Palladium price for the quarter was approximately USD 1875.67/MT amid volatile spot premiums and tight delivery schedules.
- Palladium Spot Price volatility intensified as ETF flows and import delays created thin available prompt material in U.S. warehouses.
- Palladium Price Forecast indicates short-term gains driven by automotive restocking, but potential corrections expected after supply normalization.
- Palladium Production Cost Trend showed upward pressure from higher refining energy tariffs and processing premiums in Alabama refineries.
- Palladium Demand Outlook remains firm for autocatalysts, while substitution and hybrid adoption temper longer-term consumption growth.
- Palladium Price Index eased in March as ample imports, increased recycling, and ETF redemptions released physical metal.
- South African ramp-ups and stable Montana throughput relieved immediate tightness, yet logistic risks could re-tighten U.S. delivered premiums.
Why did the price of Palladium change in March 2026 in North America?
- Import flow improvements and increased recycling expanded available metal, reducing spot premia and bearishing prices.
- Automotive fabricators reduced opportunistic purchases as vehicle output plateaued and substitution toward platinum progressed modestly.
- Lower investor demand with ETF withdrawals released metal into physical markets, amplifying supply-side downward pressure.
Palladium Prices in APAC
- In Malaysia, the Palladium Price Index rose by 31.97% quarter-over-quarter, driven by tight import flows.
- The average Palladium price for the quarter was approximately USD 1980.00/MT, supported by import tightness.
- Palladium Spot Price volatility eased in February before March correction, reflecting smoother inbound shipments overall.
- Palladium Price Forecast indicates near-term mixed momentum, with possible modest recovery if geopolitical risk increases.
- Palladium Production Cost Trend showed upward pressure from elevated freight and insurance, supporting higher bids.
- Palladium Demand Outlook remains cautious as automotive substitution and slower vehicle output weigh on consumption.
- Palladium Price Index was amplified by thin Kuala Lumpur inventories and restocking by catalyst manufacturers.
- Export flows and imports in March improved availability, leading funds to unwind longs, depress sentiment.
Why did the price of Palladium change in March 2026 in APAC?
- Sustained inbound supply and easing freight issues in March increased availability, reducing urgency among buyers.
- Automotive substitution toward platinum and lower assembly rates reduced demand, prompting cutbacks in spot purchases.
- Futures liquidation and investor profit-taking amplified downside pressure despite latent geopolitical insurance premium risk remaining.
Palladium Prices in Europe
- In Germany, the Palladium Price Index rose by 31.9194% quarter-over-quarter, reflecting tighter primary supply constraints.
- The average Palladium price for the quarter was approximately USD 2073.33/MT per reported regional settlements.
- Palladium Spot Price softened in March as Price Index reflected easing supply from South Africa.
- Palladium Production Cost Trend improved as lower German power and gas tariffs reduced refining expenses.
- Palladium Demand Outlook remained firm from automotive catalyst makers supporting baseline offtake despite softer sentiment.
- Palladium Price Forecast indicates near-term volatility, and potential upward pressure from renewed geopolitical risk premiums.
- Distributor inventory accumulation pressured spot liquidity while exporters redirected refined bars to profitable overseas arbitrage.
- Recycled autocatalyst feed remained constrained, providing partial relief to domestic requirements and limiting downward pressure.
- Ruhr refiners operated normally but higher winter electricity tariffs squeezed margins, prompting pass-through into prices.
Why did the price of Palladium change in March 2026 in Europe?
- Improved inflows from South Africa and Russia eased supply tightness, directly reducing German price pressure.
- Lower German power and gas tariffs reduced refining costs, erasing energy-risk premium supporting Ruhr quotations.
- Softer export sales and weaker domestic industrial demand, including structural automotive electrification, reduced palladium offtake.
For the Quarter Ending December 2025
Palladium Prices in North America
- In USA, the Palladium Price Index rose by 30.86% quarter-over-quarter, tight imports and automotive demand.
- The average Palladium price for the quarter was approximately USD 1422.00/MT, delivered assessment reported nationwide.
- Palladium Spot Price tightened amid COMEX withdrawals and limited Russian-origin shipments, pressuring prompt availability notably.
- Palladium Price Forecast indicates near-term volatility with month-end buying and potential profit-taking around year-end positions.
- Palladium Production Cost Trend supported by low natural-gas tariffs despite higher freight and labor pressures.
- Palladium Demand Outlook remains robust from automotive catalysts and hydrogen applications, sustaining procurement into year-end.
- Palladium Price Index movements reflected tight inventories, forward buying, and refined-metal premiums influencing transaction timing.
- Domestic refinery utilization remained subdued, limiting supply despite steady Montana concentrate deliveries and recycling constraints.
- Export demand and compliance checks on Russian cargoes elevated premiums, prolonging tight prompt market conditions.
Why did the price of Palladium change in December 2025 in North America?
- Tight supply from Russian origin increased due compliance screenings, reducing prompt availability and elevating premiums.
- Robust automotive catalyst demand under tightened emission standards sustained offtake, supporting higher spot market prices.
- Elevated freight and labor costs increased refining premiums, while investor inflows amplified upward price momentum.
Palladium Prices in APAC
- In Malaysia, the Palladium Price Index rose by 30.31% quarter-over-quarter, driven by tight supply conditions.
- The average Palladium price for the quarter was approximately USD 1500.33/MT, reflecting import reliance broadly.
- Palladium Spot Price strength lifted Price Index amid import delays and port congestion restricting availability.
- Palladium Price Forecast indicates near-term firmness as inventories stay constrained and forward buying supports premiums.
- Palladium Production Cost Trend rose due to higher freight and labor, and reduced smelter output.
- Palladium Demand Outlook remains strong driven by automotive catalytic converter production and resilient electronics call-offs.
- Palladium Price Index gains amplified by low bonded inventories and export diversions reducing regional supply.
- Producer outages and cautious guidance constrained flows, refiners drew strategic stocks to meet industrial demand.
- Forward buying by traders supported premiums, influencing Palladium Price Forecast and sustaining short-term upward momentum.
Why did the price of Palladium change in December 2025 in APAC?
- Global mine output shortfalls and regional import delays tightened supply, elevating price pressure in December.
- Higher freight and labor costs plus port congestion increased landed costs and reduced spot availability.
- Strong automotive and electronics buying, alongside speculative forward purchases, intensified competition for limited available imports.
Palladium Prices in Europe
- In Germany, the Palladium Price Index rose by 30.32% quarter-over-quarter, reflecting tight supply and robust automotive demand.
- The average Palladium price for the quarter was approximately USD 1571.67/MT, reflecting elevated refinery premiums and import constraints.
- Palladium Spot Price momentum remained firm as constrained imports and electric-vehicle demand supported physical premiums.
- Palladium Price Forecast indicates modest upside short-term given tight supply and sustained automotive sector buying.
- Palladium Production Cost Trend rose as higher electricity and refining costs preserved regional refining premiums.
- Palladium Demand Outlook remains robust from automotive catalysis while electronics and exports provide incremental support.
- Palladium Price Index volatility increased amid geopolitical uncertainty, forward buying, and ongoing mine logistics disruptions.
- Inventories tightened as Ruhr refiners prioritized exports, drawing down working stocks and supporting sustained premiums.
Why did the price of Palladium change in December 2025 in Europe?
- Sanctioned Russian flows and South African production disruptions significantly reduced palladium availability into European markets.
- Elevated German electricity refining costs increased production premiums while port and rail bottlenecks delayed shipments.
- Strong automotive demand and forward buying ahead of Euro-7 validation absorbed available supply, sustaining premiums.
For the Quarter Ending September 2025
North America
- In the USA, the Palladium Price Index rose by 15.0% quarter-over-quarter, driven by stockpiling urgency.
- The average Palladium price for the quarter was approximately USD 1086.67/MT reflecting delivered cost pressures.
- Palladium Spot Price exhibited intra-month swings as import delays and localized stock releases altered availability.
- Palladium Price Forecast suggests moderated gains as inventories correct, balancing stockpiling with easing automotive demand.
- Palladium Production Cost Trend remained elevated, driven by high lease rates freight bottlenecks refinery premiums.
- Palladium Demand Outlook remains firm for automotive and defence, offset by electrification and substitution trends.
- Inventory dynamics influenced the Palladium Price Index as recycling improved yet import timing created volatility.
- Regional delivered premiums in Alabama reflected allocation shifts, tightening availability and supporting near-term Spot Price.
Why did the price of Palladium change in September 2025 in North America?
- Import disruptions from South Africa and Russia constrained supply, intensifying delivered cost pressures and urgency.
- Domestic buyers stockpiled palladium for automotive and defence, raising demand and pressuring local Price Index.
- High lease rates, freight bottlenecks, and constrained recycling kept the Palladium Production Cost Trend elevated.
APAC
- In Malaysia, the Palladium Price Index rose by 14.75% quarter-over-quarter in Q3 2025, prompting buying.
- The average Palladium price for the quarter was approximately USD 1151.33/MT amid logistics and restocking.
- Palladium Spot Price tightened as port delays and higher freight forced refiners into urgent buying.
- Palladium Price Forecast shows near-term volatility with potential September moderation as pent-up shipments enter markets.
- Palladium Production Cost Trend pressured sellers as elevated lease rates and freight increased procurement expenses.
- Palladium Demand Outlook reflects automotive restocking supporting demand, partially offset by substitution and EV adoption.
- Palladium Price Index gains were supported by inventory draws, regional export orders and buyer restocking.
- Major supplier outages were limited, but bonded warehouse disruption and transshipment congestion sustained supply pressures.
Why did the price of Palladium change in September 2025 in APAC?
- Port congestion and bonded warehouse outages delayed shipments, creating supply tightness and upward price pressure.
- Rising freight costs and elevated lease rates raised procurement expenses, supporting higher regional offers locally.
- Automotive restocking increased immediate demand while substitution trends and EV adoption moderated medium-term palladium consumption.
Europe
- In Germany, the Palladium Price Index rose by 9.0% quarter-over-quarter, driven by supply squeeze and restocking.
- The average Palladium price for the quarter was approximately USD 1206/MT, Ruhr-delivered market reporting confirmed.
- Palladium Spot Price strengthened as restocking reduced lots, lifting the Ruhr Price Index among distributors.
- Palladium Price Forecast suggests short moderation as shipments normalize, seasonally supported restocking may lift offers.
- Palladium Production Cost Trend remains elevated because higher energy and logistics premiums sustain seller pricing.
- Palladium Demand Outlook is mixed as automotive registrations fluctuated, while industrial applications steady consumption levels.
- Inventory accumulation pressured the Palladium Price Index, prompting distributors to offer concessions on surplus metal.
- Ruhr merchants reported constrained sourcing from South Africa and Russia, tightening supplies influencing Price Index.
Why did the price of Palladium change in September 2025 in Europe?
- Customs delays and import shifts reduced delivered volumes, creating immediate supply tightness and premium bids.
- Automotive restocking and stable industrial demand intensified buying, depleting inventories and elevating Ruhr Price Index pressures.
- High energy costs suppressed recycling returns, reducing secondary supply while geopolitical risks maintained scarce market availability.
