For the Quarter Ending December 2025
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.
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.
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.
For the Quarter Ending June 2025
North America
• The Palladium Price Index in the U.S. declined by 5.7% quarter-over-quarter in Q2 2025, reflecting a structural demand shift driven by accelerating EV adoption and persistent weakness in ICE vehicle sales. Despite brief price gains in June, the broader quarterly trend remained bearish.
• The Palladium Production Cost Trend stayed relatively steady, with domestic refiners maintaining consistent output. However, import costs rose due to trade tensions and disruptions in sourcing from South Africa and Russia, pushing some buyers toward higher-cost, non-sanctioned alternatives.
• The Palladium Demand Outlook was pressured by lower ICE vehicle demand and macroeconomic uncertainty. While hybrid trucks and defence applications supported some demand pockets, most industrial and automotive segments reduced procurement amid surplus expectations.
Why did the Palladium Spot Price change in July 2025 in North America ?
The Palladium Spot Price held broadly stable in July, following steep declines earlier in the quarter. Adequate inventories and continued hesitancy among buyers capped price movements. The Palladium Price Forecast remains flat in the near term, with limited upside unless restocking or export demand improves.
Europe
• The Palladium Price Index in Germany declined by 5.7% quarter-over-quarter in Q2 2025, extending April and May’s consecutive drops. Weak automotive sector offtake, coupled with rising EV and hybrid sales, led to reduced reliance on palladium-based catalytic converters.
• The Palladium Production Cost Trend was stable, with no significant supply chain disruptions reported. Domestic inventories remained well-stocked, and FD Ruhr deliveries continued uninterrupted despite global logistics volatility.
• The Palladium Demand Outlook stayed muted due to Germany’s rapid transition toward electrified transport. New car registrations showed growing EV and hybrid shares, further eroding demand for palladium in ICE drivetrain applications.
Why did the Palladium Spot Price change in July 2025 in Europe?
The Palladium Spot Price in Germany edged slightly lower in July, driven by weak automotive demand and steady local inventories. The Palladium Price Forecast remains bearish, as continued EV momentum and lacklustre industrial offtake weigh on pricing dynamics.
Asia Pacific
• The Palladium Price Index in Malaysia declined by 5.7% quarter-over-quarter in Q2 2025, impacted by weak regional demand and rising EV adoption. While June saw a brief uptick in spot pricing, it was insufficient to reverse the quarterly trend.
• The Palladium Production Cost Trend rose slightly due to higher freight charges and congestion at transshipment ports like Port Klang. Importers faced inconsistent delivery schedules and increased premiums amid tighter spot availability.
• The Palladium Demand Outlook remained cautious. Modest restocking from auto parts suppliers and regulatory-driven catalyst demand supported June activity, but longer-term fundamentals were undermined by declining ICE vehicle relevance.
Why did the Palladium Spot Price change in July 2025 in Asia?
The Palladium Spot Price in Malaysia stabilized in July after June’s brief rally, with supply chains catching up to earlier delays. However, subdued demand and elevated inventories prevented further gains. The Palladium Price Forecast stays neutral to bearish as structural shifts in mobility and weak global demand cap market sentiment.
For the Quarter Ending March 2025
North America
• The Palladium Metal Price Index in the US market settled during Q1 2025 at USD 1,002/MT (DEL Alabama, USA), showing notable volatility Q-o-Q basis.
• Why did the price of Palladium Metal change in April 2025?
Palladium metal Prices increased marginally in the early week of April, influenced by strengthening demand from automotive and anticipated tariff impacts on imports.
• In January, prices rose 3.8%, driven by stable Palladium Metal Spot Price levels, moderate inventory, and strong demand in the electric vehicle and light truck segments.
• February recorded a 2% decline, attributed to a modest rise in inventory and slowing auto sales—particularly in the passenger car segment.
• March saw a 1% price uptick on the back of rising auto unit sales (+9.1%) and speculation around new tariffs affecting imports.
• The Palladium Metal Production Cost Trend in the U.S. remained sensitive to global supply factors, especially Russia and South Africa, as well as local market conditions.
• The Palladium Metal Demand Outlook in North America remains positive, bolstered by automotive sector resilience and procurement urgency amid regulatory shifts.
• The Palladium Metal Price Forecast suggests continued mild upward pressure in Q2 2025 as the U.S. market adapts to policy and demand-side dynamics.
Europe
• The Palladium Metal Price Index for Europe ended Q1 2025 at USD 1,173/MT (FD Ruhr, Germany), showing a volatile but net positive quarterly performance.
• Why did the price of Palladium Metal change in April 2025?
Palladium metal prices increased slightly in early April, driven by tightening global supply and uncertainty over auto trade tariffs.
• January saw a 3.8% price increase due to moderate inventory and a strong rise in automotive sales (+58.77% MoM in passenger vehicles).
• In February, prices declined 2% as Nornickel’s anticipated production uptick elevated inventory levels; car sales dipped by 6.4%, reflecting EV market expansion.
• March prices grew 1%, influenced by a 5.8% drop in South African production, reinforcing global supply tightness.
• Geopolitical risks, including U.S. tariffs, have affected the Palladium Metal Spot Price and contributed to market uncertainty.
• The Palladium Metal Demand Outlook is mixed, with ICE vehicle demand pressured by growing EV adoption.
• The Palladium Metal Production Cost Trend was affected by refining costs, energy prices, and global supply chain realignments.
• Looking forward, the Palladium Metal Price Forecast reflects short-term volatility with long-term demand risk due to structural shifts toward EVs.
Asia-Pacific (APAC)
• The Palladium Metal Price Index in APAC closed Q1 2025 at USD 1,064/MT (Ex-Kuala Lumpur, Malaysia), reflecting a quarter of fluctuations amid regional market pressures.
• Why did the price of Palladium Metal change in April 2025?
Prices increased in early April, spurred by rising local vehicle production and global supply concerns.
• January began with a 3.8% increase despite a dramatic 36.1% fall in vehicle registrations, driven by speculative buying post-US Fed interest rate signals.
• February experienced a 2% decline as inventory levels rose and demand from gasoline vehicles remained under pressure; EV and hybrid growth was present but insufficient.
• March posted a 1% price uptick, aided by reduced palladium supply from South Africa and a 23.9% MoM increase in sales from local carmaker Proton.
• The Palladium Metal Spot Price responded to regional supply adjustments and purchasing behavior among industrial consumers.
• The Palladium Metal Production Cost Trend in APAC reflected logistical challenges, energy cost swings, and reliance on imports for refined palladium.
• The Palladium Metal Demand Outlook remains cautious, with future consumption influenced by EV adoption rates and emissions regulation updates.
• The Palladium Metal Price Forecast indicates potential mild gains in Q2 2025, contingent on the automotive recovery and supply-side tightness.
