Russia's Nornickel expects the global palladium market to swing to a surplus of 300,000 troy ounces in 2024 from a deficit of 200,000 ounces in 2023 due to recycling outpacing demand recovery, the miner said on Wednesday. Nornickel, which has not been directly targeted by Western sanctions since Russia's invasion of Ukraine, accounts for 40% of the global primary production of palladium, used in vehicle exhausts to neutralise harmful engine emissions. "The automotive sector, which contributes to over 80% of palladium use, is slowly recovering after COVID and supply chain-related shocks of 2020-2021. That is ... (full story)