The palladium market has taken quite a journey. After hitting historic highs above gold in 2019–2021 due to auto catalyst demand and supply disruptions, prices corrected sharply through 2022 and 2023. The biggest reasons were rising substitution of palladium with platinum in catalytic converters and weaker auto production during the semiconductor shortage.
Recently, prices have somewhat stabilized, but volatility remains due to tight supply and geopolitical uncertainty involving Russia — one of the largest producers globally.
Recovery in global automotive manufacturing Ongoing substitution toward platinum (but not a complete shift) Unstable mining supply from Russia and South Africa Rise in EV sales affecting long-term catalytic converter demand Strong investment and hedge demand during geopolitical tensions
The market is still trying to find a stable floor.
Last Edited by Suraj jha on Dec 11, 2025 1:21 AM
