Switzerland continues to remain net exporter of Palladium in October

SWITZERLAND November 21 2014 10:45 AM

ZURICH (Scrap Register): Switzerland remained a net exporter of palladium once again in October. In fact, October’s net export figure extends Switzerland’s net-export-streak to an entire year, supporting perceived tightness in the palladium market.

According to Barclays, palladium imports fell by more than 50% y/y, while exports fell just 8% y/y. Imports came from Russia, in addition to Germany (10koz), Singapore (5.6koz) and Italy (2.7koz), for a total of 26.3koz.

At 40koz, the highest amount of exports went to the United States (18.5koz), where auto sales were up m/m in October (up to 1.27mn units, Bloomberg).

Auto sales in China were strong in October as well at 1.71mn units (Bloomberg), although palladium shipments into Hong Kong were subdued, well below their average over the past year.