WPIC – Platinum Essentials, Mar 2025

The main theme is the impact of new US trade policies, particularly the 25% tariffs on imported cars and parts, on the demand for platinum and other metals.

Key findings include a slight negative effect on platinum demand (70 koz) and palladium (269 koz) due to new tariffs. Possible reduction in the utilization of used cars may decrease the supply of recycled metals. Concerns about metal import tariffs may exacerbate current market tensions. Tariffs may affect demand for imported cars in the US, potentially leading to a decrease in demand for 1.3M imported cars and 0.4M cars produced in the US.