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United StatesQ1 2025
In Q1 2025, palladium prices declined by 3.69%, settling at $975 per ounce (Spot Price Weekly closing). The drop reflected renewed concerns over soft demand from the auto sector and continued market substitute trends. Lower industrial activity in major economies and stable mine output maintained downward pressure. Investor sentiment remained cautious, with many viewings palladium as less attractive compared to other precious metals amid evolving technological and policy shifts.
Q4 2024
Palladium prices staged a moderate rebound in Q4 2024, climbing by 4.83% to $1,013 per ounce (Spot Price Weekly closing). The recovery was underpinned by seasonal automotive demand and a temporary tightening of supply due to disruptions in key mining regions. A weaker dollar and bargain-hunting by investors also helped lift prices. However, long-term structural headwinds, including EV adoption and substitution with platinum, remained a concern.
Q3 2024
Prices slipped again in Q3 2024, registering a 1.70% decline to $966 per ounce (Spot Price Weekly closing). Strength in the US dollar and continued weakness in internal combustion engine vehicle production exerted pressure on palladium. The market also reacted to rising inventories and lackluster industrial demand. While some support came from supply risks in Russia and South Africa, it was not enough to offset bearish sentiment.
Q2 2024
Palladium saw a marginal recovery in Q2 2024, with prices inching up by 0.21% to $983 per ounce (Spot Price Weekly closing). The slight rebound was supported by modest restocking by industrial users and speculative short-covering. However, demand remained subdued, and oversupply concerns persisted. Uncertainty in the global auto market, combined with increased competition from platinum as a substitute, limited palladium’s upside potential.
Q1 2024
In Q1 2024, palladium prices declined sharply by 10.50%, falling to $981 per ounce (Spot Price Weekly Closing). This drop was driven by reduced demand from the automotive sector amid a gradual transition toward electric vehicles (EVs), which rely less on palladium-based catalytic converters. Weak industrial activity and a sluggish Chinese economy also weighed on sentiment. Additionally, increased recycling rates and inventory liquidation added to the supply glut, amplifying downward pressure on prices.
PriceWatch is your trusted resource for tracking global palladium price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the palladium market. By monitoring critical events such as geopolitical tensions, supply chain disruptions, and economic shifts, PriceWatch keeps you fully informed of market dynamics.
In addition, PriceWatch provides detailed forecasts and updates on production capacities, enabling you to anticipate market changes and make well-informed decisions. With PriceWatch, you gain a competitive edge in understanding all the elements that influence palladium prices worldwide. Stay ahead of the curve with PriceWatch’s reliable, accurate, and timely palladium market data.
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• Russia-Ukraine Conflict (2022):
As Russia accounts for over 40% of global palladium production, the conflict caused severe supply concerns, pushing prices to record highs in early 2022. Geopolitical risk, coupled with fears of trade sanctions and logistical bottlenecks, emphasized palladium’s strategic importance in industrial applications.
• COVID-19 Pandemic (2020–2021):
Pandemic-induced factory shutdowns and supply chain disruptions triggered sharp volatility in palladium markets. While demand dipped in early 2020, a surge in automotive production and stricter emission norms led to a rapid rebound. Supply issues, especially from key producers like Russia and South Africa, drove price spikes.
• Global Financial Crisis (2008–2009):
Palladium prices initially fell due to demand contraction and market uncertainty, but rebounded as stimulus efforts and auto industry recovery (a major palladium consumer) gained momentum. The crisis highlighted palladium’s dependence on industrial demand, particularly in catalytic converters.
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Palladium is a precious metal primarily used in industrial applications, notably in automotive catalytic converters due to its superior emissions-control properties. Traded on global exchanges, palladium also serves as a store of value and inflation hedge in times of economic instability.
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PriceWatch Quotation Terms:
Ex-Location: This incoterm refers to a shipping agreement where the seller makes the goods available at their premises, and the buyer is responsible for all transportation costs, including shipping, insurance, and any other fees.
CIF: CIF refers to the Cost, Insurance, and Freight (CIF) terms for goods. Under CIF terms, the seller is responsible for the cost of goods, insurance, and freight charges until the goods reach the port of destination.
FD: FD stands for Free Delivered where the seller takes full responsibility for delivering goods to the location/port. This ensures the buyer receives the goods at the designated port with all necessary costs, except import duties, covered.
FOB: FOB refers to the Free On-Board shipping term, where the seller is responsible for the cost and risk of delivering the goods to the port. Once the goods are on board the vessel, the responsibility shifts to the buyer for all costs, including shipping and insurance.
Applications
Industrial Demand: Primarily from the automotive sector for catalytic converters in gasoline engines.
• Supply Constraints: Heavy reliance on a few countries (notably Russia and South Africa) makes palladium vulnerable to mining disruptions and geopolitical instability.
• Geopolitical Risks: Conflicts, sanctions, and labor unrest can disrupt global palladium supply.
• Environmental Regulations: Stricter emission standards boost demand for palladium-based technologies.
Palladium is a key component in catalytic converters, which reduce harmful emissions in internal combustion engines. Demand rises with stricter global emissions standards, especially in gasoline-dominated markets like the U.S. and China.
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