Could the Tech Industry Provide New Support for PGM Prices?
Platinum group metals, especially platinum and palladium, have for long depended on the automotive industry as their main demand driver. Internal combustion engine vehicles use these PGMs in catalytic converters, but the rise of hybrids and EVs has eroded some of the demand for platinum and palladium. In 2020, green hydrogen emerged as a promising new demand driver for platinum and other PGMs. However, this renewable energy and the related energy storage segment haven’t seen explosive growth as had initially been forecast. This has reduced the amount of PGMs used in the industry, and miners of these metals are tamping…