WPIC – Platinum Perspectives, Apr 2024

The article discusses Russia's significant role in the supply of platinum group metals (PGM) and base metals, particularly in the context of recent sanctions imposed by the US and UK. Despite the limited impact of these sanctions on metal flow, they may hinder the expected supply growth from Russia, potentially impacting BEV growth rates. The ban on Russian base metals exports via exchanges is not expected to significantly affect base metal fundamentals. Additionally, the self-sanctioning by the West and the increasing supply of nickel from Indonesia may further limit Russian base metal production and PGM output. Overall, the article highlights the complexities surrounding the global metal market and the potential implications of geopolitical events on supply dynamics and demand for PGM.