Major Suppliers of Palladium on Global Markets Tinier percentages came from exporters in Asia (4.4%), Latin America (0.02%) excluding Mexico but including the Caribbean, and Australia and New Zealand in Oceania (0.03%). In international trade classifications, there are two major subcategories of platinum.
Anti-pollution role. While the six metals that make up the platinum group – ruthenium, rhodium, palladium, osmium, iridium and platinum – have been extracted from Australian soil before, they have typically been byproducts dug up by miners focused on the nickel and copper often found with PGEs.
Galileo Mining Ltd (ASX:GAL) has received the highest palladium and platinum results to date from its 100%-owned Norseman project in Western Australia.
World class palladium dominated PGE deposits are extremely hard to find. That's what makes Chalice Mining's (ASX:CHN) Julimar deposit in WA – which the company calls “Australia's first major palladium discovery” — so special.
Palladium mine production worldwide 2022, by country. The mine production of palladium in Russia reached an amount of some 88 metric tons in 2022. This production volume ranked Russia as the world's leading palladium producer that year. The average price of palladium was 2,178 U.S. dollars per ounce in 2022.
South Africa is the world's top platinum-mining country and a major producer of palladium. It holds the largest-known reserves of PGMs globally at 63 million kilograms.
Of the two metals, platinum is stronger than palladium, but again both metals are strong enough to be used for engagement rings or wedding rings that are worn daily.
Rhenium, ruthenium, rhodium, iridium, osmium, gold, palladium and silver are the order this comes in. The most valuable of all precious metals is rhodium.
Exporters and Importers
In 2021, the top importers of Palladium unwrought or in powder form were Germany ($5.01B), United States ($4.4B), United Kingdom ($3.77B), Japan ($3.7B), and Italy ($1.85B).
Relatively hard: Palladium is considered to be a softer metal, but it is still much harder and more durable than gold, which lends more protection against impact and a greater resistance to denting. Compared to gold's knoop hardness of 200, Palladium has a knoop hardness of 400.
Palladium was “badly hit” by an anemic auto sector, and demand hasn't recovered since the pandemic, says Nikos Kavalis, managing director at Metals Focus. He says substitution from palladium to platinum and a rise in battery-powered vehicles contributed to palladium's steeper decline.
Australia has abundant reserves of critical minerals such as lithium, silicon and rare earths, which are key components of low-emissions technologies such as batteries, solar panels and electric vehicles which will help Australia and the world to lower emissions.
Palladium's relative rarity makes it a valuable investment option when used to strategically diversify a Precious Metals portfolio.
The largest use of palladium today is in catalytic converters. Palladium is also used in jewelry, dentistry, watch making, blood sugar test strips, aircraft spark plugs, surgical instruments, and electrical contacts. Palladium is also used to make professional transverse (concert or classical) flutes.
Soon after, it became a metal more rare than platinum or gold. Stillwater Mine in Montana is the only palladium mine in the US while the Lac Des Illes mine in Ontario is the only mine in Canada, Russia is the world's biggest producer of palladium. Nearly 40% of the global production of palladium comes out of Russia.
The rarity of palladium and platinum may ensure an upward trend in pricing in the future. However, since palladium is 15 times rarer than platinum, it is a higher-quality option despite the expected price decline in the coming years.
According to the latest long-term forecast, Palladium price will hit $1,500 by the middle of 2023 and then $2,000 by the end of 2024. Palladium will rise to $2,500 within the year of 2026, $3,000 in 2027, $3,500 in 2028, $4,000 in 2029 and $5,000 in 2031.
Gold has many uses and is thought to be the standard for precious metals, trading at $1,654 per ounce. Most investors overlook Palladium, which is even more valuable at $1,954 per ounce, respectively. Here's why Palladium is more valuable than gold: Key part for emission reducing autos.
In 2022, the global supply of palladium was forecast to be 7.12 million ounces. In 2021, the total supply of palladium amounted to seven million ounces worldwide.
The top 5 exporters of palladium are Russia, South Africa, United States of America, United Kingdom and Italy. By value, that quintet of leading palladium suppliers dominate more than three-quarters (76.7%) of globally exported palladium during 2021.
The biggest producers of palladium are by far Russia and South Africa (70-80% of world output) followed by United States, Canada and Zimbabwe.