In 2006, with the increase of mine output and automobile catalyst recovery, the supply of platinum group metals in the world increased, and the strong demand for platinum group metals in automobile catalysts promoted the consumption of platinum and palladium. The price of platinum group metals has risen sharply in an all-round way, and the global investment in exploration and development of platinum group metals has continued to increase. In 2006, the global platinum group metal mineral output was 654.38+0667 million ounces, up 654.38+0.5% year-on-year. Among them, the output of platinum and palladium in mines increased by 3.3% and 2.3% respectively. The supply of platinum and palladium increased by 5.7% and 6. 1% respectively. Demand increased by 1.8% and 1.6% respectively. Platinum has been in short supply for many years, and the market is oversupplied 1.45 million ounces. Palladium supply is relatively surplus 1 17000 ounces. Affected by demand, weak dollar, inflation worries and geopolitical tensions, the price of platinum group metals continued to rise in 2007 on the basis of the sharp increase in 2006, and the international platinum price reached a record high, with the annual average price rising to 1.303 USD/oz, up 14. 1% year-on-year. The price of palladium rose to the highest point in five years, with an average annual price of $355/oz, up 65,438+00.9% year-on-year; Rhodium prices continued to rise sharply by 36.7%, reaching $6,076 per ounce.

I. Reserves and resources

By the end of 2007, the world's platinum group metal reserves and reserves base were 765,438+0,000 t and 80,000 t respectively, which was the same as that in 2006. South Africa ranks first in the world in platinum group metal reserves, followed by Russia, the United States and Canada, and the total reserves of the four countries account for 99% of the world's total reserves (table 1). The world's platinum group metal resources are estimated to exceed 654.38 million tons, mainly produced in Bushveld complex in South Africa. All the 65,438+07 production minerals in South Africa are produced in Bushveld complex, of which 65,438+02 minerals are from Meilin base and UG-2 ferrochrome formation, and 1 minerals are from the platform in the north wing of the complex.

Table 1 2007 world platinum group metal reserves and reserve base unit: t

Source: Mineral Commodities Summary, 2008 1 month.

There are three main types of platinum group metal deposits: ① Copper-nickel sulfide platinum group metal deposits related to basic-ultrabasic rocks are the most important sources of platinum group metal reserves and output in the world, and the famous deposits include Bushveld complex in Norilsk, Russia, and copper-nickel sulfide platinum group metal deposits in sudbury, Canada. ② Chromite-type platinum group metal deposits related to basic-ultrabasic rocks, such as those related to UG-2 chromite formation in Bushveld complex, and those related to embedded chromite bodies in dunite. ③ Placer gold deposits are mainly distributed in Colombia, the United States, Canada and the former Soviet Union.

Different from the above-mentioned traditional types, the Su Huoyi Locke ("dry valley") deposit discovered in the black shale series in Irkutsk region in recent years has a gold reserve of 1550 t and a platinum reserve of about 250 t. Russian geologists believe that the discovery of this new type will change the pattern of platinum group resources in the world.

Platinum group metal deposits are a new hot spot in mineral exploration abroad in recent years. In 2006, the exploration of platinum group metals in the world continued to heat up. The important platinum group metal deposits found in the main exploration are still in South Africa, and new ore sites have also been found in Russia. In South Africa, Platinum Australia discovered 105.8 t platinum group metals and gold resources in Kalahari region. Barrick Gold Company newly discovered 1 18.2 t platinum and 52.9 t palladium resources in Sedibello area. The Spitz Spitzkop mining area of Oriental Platinum Company has obtained 342. 1 t platinum group metals and gold resources. Platinum group metals company further explored in Bushveld western mining area and obtained 227. 1 t platinum group metals and gold resources. In Russia, Barrick Gold Company newly discovered 202.2 t platinum and 18.7 t palladium resources in Federova area.

In 2007, the investment budget for exploration of platinum group metals continued to grow, reaching 288 million US dollars, up by 34.6% compared with 2006, and the share of platinum group metals in global exploration remained at 3% (Figure 1).

Figure1Global exploration budget by target minerals from 2005 to 2007.

Source ① Metal Economic Group-Strategic Report, 2005 1 1 month/1February; ; ② Strategic Report of Metal Economic Group, 2006 1 1 month/1February; ③ Strategic Report of Metal Economic Group, 2007 1 1 month/1February.

Judging from the minerals invested in mining development, the investment budget for platinum group metal development in 2007 continued to rise, from $8 billion in 2006 to $654.38+000 billion in 2007, an increase of 25%, but it still accounted for 3% of the global investment cost.

Second, production.

The production of platinum group metals is mainly concentrated in South Africa and Russia, and the output mainly comes from five major mining areas in the world: Bushveld in South Africa, Norilsk in Russia, Stillwater in the United States, sudbury in Canada and the Great Wall in Zimbabwe. In 2006, the output of platinum group metals in South Africa and Russia accounted for 86.9% of the world's total output.

According to the annual report of the US Geological Survey, the output of platinum group metal mines in the world in 2006 was about16,670,400 ounces, an increase of 1.5% over the previous year. Among them, South Africa, the world's largest producer of platinum group metals, produced about 9.87 million ounces of platinum group metals, an increase of 65,438 0.3% over 2005, accounting for 59.3% of the global total platinum group metals.

In 2006, the world platinum mineral output was 765,438+005,000 ounces, an increase of 3.3% over 2005 (Table 2). South Africa, the world's largest platinum producer, produced 5.466 million ounces of platinum, up 3.8% year-on-year, accounting for 76.9% of global platinum production. Russia, which ranks second in the world, produced 932,000 ounces of platinum, the same as in 2005. The platinum production of these two countries accounts for 76.9% of the world's total platinum production and 13. 1% respectively (Table 2).

Table 22002-2006 World Platinum Group Metal Mine Output Unit: 10,000 ounces.

Note: c platinum and palladium, by-products in a small amount of gold and copper ores, are not included; D production is all imported; E estimated value; R correction value; F report; P preliminary statistics.

Source: USGS Mineral Yearbook, 2006.

In 2006, the platinum output of mines in North America was 427,000 ounces, up 2.9% year-on-year. The platinum output of Stillwater Company in the United States was 6.5438+0.38 million ounces, an increase of 9.5% over 2005. Among them, Stillwater produces 94,800 ounces of platinum. The output of platinum group metals in East Boulder was 65,438+072,900 ounces, an increase of 65,438+065,438+0% compared with 2005. Among them, the platinum output is 4,365,438+0,000 ounces. Canada is the largest platinum producer in North America. It is reported that the output of platinum in Canada in 2006 was 289,000 ounces, which was basically the same as that in 2005. Platinum production of North American Palladium Company increased by 65,438+08.4% compared with 2005, reaching 22,300 ounces.

Zimbabwe is a rising star in platinum production. In 2006, platinum production increased by 5.8%, reaching 164000 ounces.

According to the statistics of Canadian Metal Economic Group, the platinum output of 2/kloc-0 major platinum group metal mines in the world in 2006 was 5.689 million ounces, accounting for 80.1%of the world platinum output; The output of palladium and rhodium in this mine is 334.4 ounces and 676,000 ounces respectively. The lowest cash production cost of platinum group metals is $280/oz, the highest is $782/oz, and the average is $444/oz, which is basically the same as that in 2005 (Table 3).

Table 3 World output of 2 1 major platinum group metal mines in 2006 Unit: output/10,000 ounces; Cost/(US$ 65,438 per ounce +0)

Source: Metal Economic Group-Strategy Report, 2007 1 month/February.

According to GFMS, in 2006, the top ten platinum producers in the world were Angloplat Platinum, Impala Platinum, Lonmin, Norilsk Nikel, Aquarius Platinum, Northam, Inco, Stillwater Mining, RoyalBafokeng and Attila Moore (co-op) (Table 4).

Table 4 Top Ten Platinum Producers in the World in 2005-2006

Note: ① Concentrated powder does not include purchase; ② Including impala and Marrulla, Mimosa and Zimprat, excluding IRS；; ③ Mavica Nap&SA was completed in June 5438 +2006 10; (4) Based on the estimated smelting times; ⑤ It was acquired by CVRD from June 5th, 2006 to October, 2006; ⑥ Including BRPMJV, excluding BEE's shareholding.

Source: GFMS, Platinum and Palladium Survey, 2006.

According to the annual report of the US Geological Survey, in 2006, the world's mine palladium output was 7.202 million ounces, an increase of 2.3% over 2005. Russia is still the largest palladium producer in the world, with a palladium output of 365,438+064,000 ounces, up 65,438+0.0% year-on-year, and a palladium output of 2,733,000 ounces from mines in South Africa, up 2.5% year-on-year. The palladium output of these two countries accounts for 43.9% and 37.9% of the total palladium output of mines in the world respectively.

According to the statistics of Canadian Metal Economic Group, in 2006, the world's 2 1 major platinum group metal mines produced 3.344 million ounces of palladium, accounting for 46.4% of the world's palladium production (Table 3).

According to GFMS, in 2006, the top ten palladium producers in the world were Norilsk Nikel, Angloplat Platinum, Impala Platinum, Stillwater Mining and Lonmin. North American Palladium, International Nickel Company, Aquarius Platinum, Eagle Bridge and Northam (Table 5).

Norilsk Nickel Company and its subordinate factories are Russia's largest producer of platinum group metals, the largest producer of gold and base metals, and the only palladium producer in Russia, accounting for 44% of global palladium production. In 2006, the company's palladium output was 365,438+064,000 ounces, up nearly 65,438+0% year-on-year, and its platinum output was 752,000 ounces, which was the same as that in 2005.

In 2006, the output of palladium in North America was 965,438+03,000 ounces, including 463,000 ounces in the United States, up 35,000 ounces year-on-year, mainly because the output of palladium in still water increased by 8.2% year-on-year to 26,5438+00,000 ounces, and the output of palladium in East Boulder was 42. In Canada, Inco's palladium production in 2006 was 208,000 ounces, which was 6% lower than that in 2005. Palladium production of North American Palladium Company was 233,000 ounces, an increase of 365,438+0.6% compared with 2005.

In 2006, Zimbabwe's palladium production increased slightly by 0.2 million/200 thousand ounces, reaching 654.38+350 thousand ounces.

In 2006, the output of other platinum group metals except platinum and palladium was 2.363 million ounces, which was about 5.4% lower than that in 2005 (Table 2).

Table 5 Top Ten Palladium Producers in the World in 2005-2006

Note: ① Concentrated powder does not include purchase; ② Including impala and Marrulla, Mimosa and Zimprat, excluding IRS；; ③ Mavica Nap&SA was completed in June 5438 +2006 10; (4) Based on the estimated smelting times; ⑤ It was acquired by CVRD from June 5th, 2006 to October, 2006; ⑥ In June 2006, 5438+ 10 was acquired by Xstvata.

Source: GFMS, Platinum and Palladium Survey, 2007.

According to the Platinum and Palladium Yearbook, the total supply of platinum metals in 2006 was 8010.9 million ounces, an increase of 458,000 ounces compared with 2005, with a growth rate of 6. 1% (Table 6), which reversed the situation of insufficient demand for many years, and the market oversupply was10.45 million ounces. The growth mainly comes from South Africa, Zimbabwe and the United States, while Canada's supply has declined, while Russia's supply is basically the same as last year, and the market sales have decreased significantly.

In 2006, the supply of platinum from mines in South Africa to the market increased by 7. 1% compared with 2005, reaching 5.445 million ounces, accounting for 69.3% of the total supply of platinum in the world. It is mainly caused by a large number of mines being put into production in an all-round way or increasing production capacity.

In 2006, the output of Anglo-American Platinum Company of South Africa, the world's largest platinum producer, increased significantly. Although the vein of low-grade UG-2 in Amandelbult ore mixture increased, due to the increase of mining speed, the platinum output increased by 12. 1% to 2.506 million ounces, and the palladium output increased by 1 1. It's 65,438+0,357,000 ounces. Among them, the platinum production of Boulte and Rustenburg in armand, the western branch of Bushveld Complex, is expected to increase by 65,438+08% and 65,438+065,438+0% respectively, and the increase of palladium production is also equivalent to platinum production.

As the second largest platinum producer in the world, the South African Anglo-Parac Company's platinum output in 2006 was 6,543,800 ounces+0,259 ounces, a year-on-year decrease of 430,000 ounces. Its flagship mine, Impala Mine, has greatly reduced its production due to the decline in ore grade, of which platinum production decreased by 80,000 ounces and palladium production decreased by 654.38+04%. However, the output of platinum group metals in Marrulla mine, which is 77.5% owned by Britain and Parac, has greatly increased due to the improvement of mining speed, which has made up for the reduction of production in Impala mine to some extent. Among them, the output of platinum increased by 73%, the output of palladium also increased by a large margin, reaching about 55,000 ounces, and the output of rhodium, a by-product, also increased strongly. It is planned that by June 2009, the annual output of platinum in this mine will reach 654.38+200,000 ounces.

In 2006, Longming Company produced 969,000 ounces of platinum, basically the same as last year, and 467,000 ounces of palladium, an increase of 13.3%. The difference in the increase of platinum and palladium is mainly due to Lonmin's acquisition of Limpopo mine rich in palladium in June 2005, which makes up for the decrease in the output of the main producing area of Marikana joint ore body rich in platinum near rustenburg. In addition, despite the increase in underground ore mining, platinum production did not increase year-on-year, because there were many shutdown accidents in the smelting department, which led to the interruption of smelting and refining.

Aquarius produced well in 2006, and the income of its three equity companies in Africa increased. However, its increase in production mainly comes from the increase in production of its wholly-owned mine, Mount Everest. The mine was put into trial production from June, 5438 to February, 2005. In 2006, it produced 99,000 ounces of platinum and 55,000 ounces of palladium, completing the transformation from open-pit mining to underground mining. In 2007, mineral resources increased by 40%. Maricana, a joint venture between Aquarius and Amplats, holds 50% of the shares, with little increase.

According to GFMS, the output of platinum group metals in Zimbabwe increased slowly in 2006, with platinum output increasing by 4% to1670,000 ounces and palladium output of1350,000 ounces, which was the same as last year. With the upgrading of WedzaIV equipment, the output of platinum and palladium in Mimosa joint venture company has increased to a certain extent, reaching 74,000 ounces and 57,000 ounces respectively. The platinum output of Ngezi mine of Zimplats Company increased by 6%, and the palladium output decreased by 4%.

In 2006, the supply of platinum in Russia was 966,5438+0,000 ounces, which was basically the same as that in 2005. Norilsk Nickel Company is the largest producer of platinum group metals in Russia. In 2006, the company's platinum production accounted for 78.3% of Russian platinum production, accounting for 752,000 ounces, ranking first in Russia, accounting for 43.6% of all Russian palladium production and global palladium mine supply.

According to the data of Gold Mine Service Co., Ltd., in 2006, the global output of platinum regenerated from recycled waste automobile catalysts continued to increase, reaching 855,000 ounces, an increase of 6.7% over 2005, accounting for 10.9% of the total supply.

After experiencing the shortage of supply in recent years, the supply of platinum in 2006 was in excess of145,000 ounces for the first time.

In 2006, the world supply of palladium metal was 80010.9 million ounces, an increase of 458,000 ounces over the previous year, with an increase of 6. 1%, and the market supply was relatively surplus1.10.7 million ounces. The increase of palladium production mainly from minerals in South Africa and the increase of regenerated palladium recovered from automobile catalysts in other regions (Table 6).

South Africa is the second largest palladium producer in the world. In 2006, the supply of palladium increased by 2,654.38+0.8 million ounces, reaching 28,654.38+0.9 million ounces, up 8.4% year-on-year, accounting for 35.2% of the total supply of palladium in the world. As a by-product of platinum mine in South Africa, the output of palladium increased with the progress of platinum mine expansion project, the increase of palladium content in eastern Bushveld mining area and the exploitation of UG-2 layer of palladium-rich mine. Russia is the world's largest palladium producer, with a palladium supply of 365,438+064,000 ounces, up 65,438+0.0% year-on-year, accounting for 76.9% of the global total palladium supply. Norilsk Nickel Company took over all palladium production in Russia. The supply of palladium in North America was 65,438+0,004,000 ounces, up by 8.0% year-on-year, of which the increase of Canadian output benefited from the progress of Lac de siles pit mining of North American palladium company.

In 2006, palladium recovered from automobile catalysts was 764,000 ounces, up by 20. 1% year-on-year, setting a new record again, accounting for 9.5% of the total supply. The North American market is still the largest market for automobile catalyst recovery, and the recovery of palladium is growing faster than that of platinum, mainly because the proportion of automobiles manufactured in the scrapped automobiles has increased every year since the early 1990s, and these automobiles are more equipped with palladium catalysts. It is estimated that in the next few years, the recycling volume is expected to increase by an average of 20% per year.

In 2006, the estimated supply of palladium in GFMS inventory was 65,438+0,665,438+0.3 million ounces. Among them, the sales volume of palladium in Russia was 6.5438+0.55 million ounces, and the sales volume of Stillwater in the United States was 63,000 ounces.

Table 6 World Platinum and Palladium Metal Supply Units in 2002-2006:10,000 ounces

Source: GFMS, Platinum and Palladium Survey, 2007.

Three. Use and consumption

Platinum group metals have excellent properties such as catalysis, chemical stability, thermoelectric stability and beautiful color, and are widely used in automotive catalytic converters, jewelry industry, electronics industry, petroleum refining, chemistry, glass, dentistry and other fields. Platinum and palladium are also important investment metals. Among platinum group metals, platinum is the most widely used. The main consumption areas of platinum are automobile catalyst production and jewelry industry, accounting for more than 70% of the total consumption. Other areas of consumption are electrical and electronic industry, chemical industry, petroleum industry, glass manufacturing industry and investment. The consumption fields of palladium are mainly automobile catalytic converters and electronic industries, in addition to chemical industry, electrician and instrument, jewelry industry, dentistry and military industry.

In 2006, the global platinum consumption increased by about 1.8% compared with 2005, reaching 77 1.5 million ounces (Table 7), a record high. The demand for automotive catalysts continued to increase, partially offsetting the decline in platinum for jewelry, while the demand for platinum in other fields increased slightly. European diesel locomotives continue to maintain strong demand, implement stricter Euro IV emission standards and install more particulate filters. * * * Promote the sustained growth of platinum for automotive catalysts, with a year-on-year increase of 6.5%, reaching 465,438+066,000 ounces, accounting for 54.0% of the total platinum demand. This is the fourth consecutive year since 1995 that platinum for automobiles has surpassed platinum for jewelry and become the largest platinum consumption field.

Affected by the high price of platinum, the consumption of platinum in the jewelry industry in 2006 further decreased by 7.7% year-on-year, reaching 6.5438+0.7 million ounces, accounting for 22.0% of the total consumption of platinum, making it the second largest consumption field. The consumption of platinum in the jewelry industry in China, the world's largest platinum consumer, further decreased to 789,000 ounces, down about 8% year-on-year, mainly due to the high price of platinum.

In 2006, the consumption of platinum in Japanese jewelry industry continued to decrease by 7. 1% year-on-year, reaching the lowest point since 12, reaching 432,000 ounces, still ranking second in the world. As the third largest consumer of platinum jewelry in the world, the consumption of platinum in the United States is 2 10000 ounces, which is 12.5% lower than that in 2005. The consumption of platinum in European jewelry industry was 234,000 ounces, which was 3.7% lower than that in 2005.

The amount of platinum used in the electronics industry was 434,000 ounces, up 65,438+05.7% year-on-year. The double-digit increase in hard disk output significantly increased the use of platinum in 2006. Platinum is mainly a key part of magnetic alloy, which is used as a thin film coating on the bottom of hard disk drive. The demand for platinum in chemical industry and glass industry decreased by 1.4% and 5.3% respectively, the demand for platinum in petroleum industry increased by 9. 1%, and the demand for platinum in other industries decreased by 4.8%.

In 2006, the world consumption of palladium was 7.902 million ounces, up 65.438+0.6% year-on-year. The demand for palladium in automobile industry is increasing, while the demand for palladium in jewelry and dentistry is decreasing. In 2006, the demand for palladium in the automobile industry was 4.456 million ounces, an increase of 7.8% over 2005, accounting for 56.4% of the total demand for palladium. This is the first increase in the application of palladium in automotive catalysts since 2000, mainly due to the increase in automobile consumption and the increase in Asian automobile production.

The demand for palladium in jewelry industry was 986,5438+00,000 ounces, down 65,438+06.7% year-on-year, almost all of which was caused by weak demand in China. Although the demand in the United States has increased, it is far less than that in China. In 2006, the demand for palladium in electronic industry increased by 8.7%, reaching 1.2 1.9 million ounces, mainly from automobile industry and electronic consumer market. Palladium is mainly used as a catalyst for a large number of chemical products in chemical industry, including vinyl acetate monomer (VAM) and PTA. In 2006, the large-scale expansion of petrochemical industry pushed the demand for palladium in this field to rise sharply, with a year-on-year increase of 26.2%, reaching 465,438+00,000 ounces. Mainly driven by the strong growth of PTA production capacity in Southeast Asia, a large number of new production capacity has been under construction, and the capacity expansion is expected to continue to 20 10.

Table 7 World consumption of platinum and palladium in 2002-2006: 10,000 ounces.

Source: GFMS, Platinum and Palladium Survey, 2007.

Four. Trade and markets

Strong demand growth, weak US dollar, inflation concerns and investment enthusiasm caused by geopolitical tensions have caused platinum prices to continue to rise. For palladium, although a large number of stocks are sold in the market, the price prospect of palladium is still bullish.

In 2006, the prices of platinum group metals all showed an upward trend. Platinum prices continued to rise by 27.3%, palladium prices rose by 59.2%, rhodium prices soared by 122.0%, and the average annual prices reached 1 142 USD/oz, 320 USD/oz and 4,444 USD/oz respectively.

In 2007, the price of platinum group metals continued its upward trend in 2006. Although the supply of platinum has increased and the demand of jewelry industry has decreased, driven by the demand growth and speculation in automobile industry and other industries, the price of platinum has continued to rise, with the highest monthly price 1.308 USD/ounce, the lowest price 1.654 USD/ounce and the average annual price of platinum of 65,438 USD+.

In 2007, driven by the growth of demand in the automobile industry, the price of palladium rose to the highest point in five years. In the whole year, the highest monthly price of palladium was $369/oz, the lowest was $335/oz, and the average annual price was $355/oz, up by 65,438+00.9% compared with 2006.

Since 2004, due to the increase in demand, the price of rhodium has skyrocketed, and the average annual price of rhodium has doubled from 2004 to 2006. In 2007, the price of rhodium continued to rise sharply, with the average monthly price rising from $5,339/ounce at the beginning of the year to $6,756/ounce at the end of the year, and the average annual price reaching $6,076/ounce, up 36.7% year-on-year (Table 8).

Table 8 Price of Platinum Group Metals in 2005-2007 Unit: USD/oz

Note: Platinum and palladium are the closing prices in London in the afternoon; Rhodium is the spot price.

Source: www.Kitco.com.

Verb (abbreviation for verb) important event

(1) In 2007, the international average price of platinum once again set a new record, reaching 1303 USD/oz, up 14. 1% compared with 2006.

(2) In 2007, driven by the increasing demand of the automobile industry, the international palladium price continued to rise, reaching USD 355/oz, up 65,438+00.9% year-on-year.

(3) In 2007, due to the increase in demand, the price of rhodium further reached a record high, with an average annual price of $6,076 per ounce, up 36.7% year-on-year.

(4) In 2007, the price of platinum group metals continued to rise, which stimulated the global investment in exploration and development of platinum group metals to continue to increase substantially, reaching $288 million and $654.38+000 billion respectively, up by 34.6% and 25.0% respectively.

(5) Due to the high price, the demand of platinum and palladium jewelry manufacturing industry continued to decline in 2006, by 7.7% and16.7% respectively; The demand of platinum jewelry manufacturing industry decreased for the fourth consecutive year, which was 654.38+0.000 ounces or 39% lower than the level of 1.999. The decline of palladium jewelry manufacturing industry is more serious. Mainly due to the sharp decline in China, palladium jewelry manufacturing industry fell to the level of 2004.

(6) The demand for platinum in automotive catalysts reached a new high, while the demand for palladium increased for the first time in six years. Despite the oversupply of platinum market in 2006, the demand for platinum in automotive catalysts continued to grow by 6.5%, reaching a new high of 4.2 million ounces.

(7) In 2006, the demand for palladium for automotive catalysts increased for the first time in six years. The demand for palladium has increased by 8% to 4.5 million ounces, which is the result of the increase in the use of catalyst for gasoline vehicles (usually at the expense of platinum reduction) and the increase in the global output of light gasoline vehicles, especially in emerging countries such as China. The application of palladium in the field of automobile catalyst also benefits from the increasingly strict emission regulations in many important automobile markets, which help to improve the loading capacity and hinder the large-scale application of gasoline vehicles.

View of intransitive verbs

With the increasing output of platinum group metal mines in South Africa and the high price to promote the recovery of platinum and palladium as automotive catalysts, it is expected that the supply of platinum market will continue to increase in 2007. Driven by the continuous growth of diesel locomotive sales in Europe, automobile production in Asia and stricter emission regulations in various countries, the demand for platinum will continue to grow. In Europe, the world's largest light diesel vehicle market, with the increase of diesel particulate filters and the increase of automobile production meeting Euro IV standards, the demand for platinum has increased. From June 5438 to October 2007, North America began to implement new emission standards, and the application of platinum in heavy-duty diesel vehicles also increased the market demand for it. At the same time, the demand for platinum in gasoline vehicle catalyst is reduced by the substitution of palladium. However, the increase in platinum demand for diesel vehicles offset these declines.

In 2007, driven by the North American automobile manufacturer "replacing platinum", the demand for palladium in the automobile industry will continue to grow and appear in diesel vehicles, and a considerable amount of palladium and platinum will be used in combination. Due to the price advantage, the consumption of palladium ornaments in China will continue to increase, and the total demand for palladium is expected to continue to rise. Investors will continue to maintain their interest and enthusiasm for palladium, driven by positive factors such as the price difference between platinum and palladium and new market applications, thus becoming the key driving force for raising palladium prices.

Main references

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[5] World adventure trends. Special Report Written by Metal Economic Group for 2008 PDAC International Conference

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[7] Production cost: platinum group metals. Strategic Report of Metal Economic Group, 2007 1 Month/February

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Rhodium averages $2,000 a month. /Scripts/hist-charts/yearly-graphs . CGI

Magnus eriksson and Anya Olsen. Raw materials group, 2007. E&MJ Project Survey in 2007, E&MJ, 1 month and February.

[13]Magnus Ericsson and Viktoriya Larsson, Raw Materials Group, 2008. 2008 E&MJ Project Survey, E&MJ, 1 month/February

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[15] Jin Xiangyun. Palladium-Review of Palladium Market in 2006 and Forecast in 2007. Precious Metals in China, No.2, 2007