"PGM Market Adjusts in 2025-2026: Platinum, Palladium Pullback Amid Shifting Market Dynamics"

Published: Jul 17, 2026 10:52

Save

【SMM PGM Express】 After a strong rally through 2025 and early 2026, the platinum group metals (PGMs) market has entered a period of adjustment, with platinum and palladium giving back part of their earlier gains. The recent pullback suggests that market sentiment is becoming more cautious as participants reassess supply and demand fundamentals.

The automotive industry remains a major driver of PGM consumption, although the continued shift towards electric vehicles is reshaping long-term demand for platinum and palladium. At the same time, constrained mine output and fluctuating scrap availability continue to influence market supply, providing underlying support for prices.

Meanwhile, iridium and ruthenium are attracting increasing attention as demand grows from clean energy, electronics and other high-tech industries. In contrast, osmium has remained relatively stable, reflecting its niche market and limited trading activity. Looking ahead, the PGM market is expected to remain sensitive to changes in industrial demand, mine production, recycling activity and investor sentiment, all of which will continue to shape price movements in the months ahead.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

12 mins ago

Platinum Price Sees Sharp Pullback, Spot Market Transactions Moderate [SMM Daily Review]

12 mins ago

23 mins ago

Osmium's Rarity and Unique Properties Drive Luxury Market and Investment Growth

[SMM PGM Express] Osmium is attracting growing attention in the luxury goods and alternative investment markets, supported by its exceptional rarity (most rare preciuos metal on earth) and increasing use in high-end jewellery. Industry sources indicate that crystalline osmium prices have increased by nearly 500% over the past eight years, reflecting limited supply and expanding demand from collectors and luxury brands. Global osmium output remains extremely limited, as the metal is recovered only as a by-product of platinum group metal mining. Industry estimates suggest that approximately 22 tonnes of recoverable osmium remain available, underscoring its scarcity and contributing to a relatively small global market. Most refined crystalline osmium is currently held by long-term investors, limiting the volume available for trade. Beyond its rarity, crystalline osmium is gaining recognition for its unique physical properties, including its high density, natural brilliance and traceable certification system, making it increasingly attractive as both a luxury material and a tangible asset. As interest expands beyond Europe into markets such as China and the United States, market participants will continue to monitor supply availability, investor demand and adoption by the luxury jewellery sector as key drivers of future price trends.

23 mins ago

2 hours ago

US Forces Launch Fifth Night of Airstrikes on Iranian Infrastructure Targets

[SMM Precious Metal Express] US Central Command announced that US forces began a new round of airstrikes on Iran at 2:00 PM ET, marking the fifth consecutive night of US strikes on Iran. Iranian media reported that US forces targeted several airports, railway hubs, and bridges inside Iran.

2 hours ago