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Latest Russia sanctions unlikely to impact near-term PGM markets, but there may be longer term benefits
Russia’s ore bodies contain both base metals and byproduct platinum group metals (PGM). Russia accounted for 28% of primary 2E PGM supply in 2023. We see a limited impact from the latest round of base metal sanctions; like after the April 2022 sanctions by the London Platinum and Palladium Market, metal will continue flowing. However, in combination with other factors the sanctions probably eliminate previously anticipated supply growth from Russia, which given its importance to class 1 nickel markets may present another headwind to BEV growth rates and support higher for longer ICE PGM demand. The US and UK have ... (full story)