IPA and EPMF Urge Market-Compatible EU PGM Reserves

Published: Aug 26, 2026 15:45

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[SMM Flash] The International Platinum Group Metals Association (IPA) and European Precious Metals Federation (EPMF) have published a joint position paper calling for a market-compatible approach to potential European Union strategic reserves of platinum group metals (PGMs). The associations support EU efforts to strengthen critical raw material security but caution that PGMs have highly specialised markets and should not be treated like bulk materials. Platinum, palladium, rhodium, iridium and ruthenium differ significantly in market size, liquidity, recycling potential and supply risk. While platinum and palladium have liquid terminal markets, the other PGMs mainly trade through smaller bilateral markets where official purchases could cause disproportionate price increases or physical supply constraints.

IPA and EPMF recommend prioritising international partnerships, stronger PGM recycling flows, targeted investment in secondary supply and certified private storage before establishing public stockpiles. If reserves are introduced, they call for metal-specific risk assessments, transparent acquisition and release rules, defined crisis triggers and close industry involvement. Europe has limited primary PGM mining capacity but is a major refining and recycling hub, recovering up to 95% of PGMs from collected spent automotive and industrial catalysts. The associations argue that combining international cooperation, targeted reserves, private storage and recycling-based buffers would improve European supply resilience while minimising disruption to specialised global PGM markets.

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