SMM9, March 17: according to (Heraeus Precious Metals), one of the world's largest (PGM) refiners of platinum group metals, the global palladium market deficit (supply exceeds demand) is expected to "shrink significantly" this year.
Total demand for palladium is expected to fall 16 per cent to 8.89 million ounces by 2020, while industrial demand is expected to shrink by 12 per cent to 1.49 million ounces, mainly due to a combination of high palladium prices and slowing economic growth, the company said.
This year, the palladium market may have its first balance of supply and demand since 2009, and palladium prices may weaken but remain at an all-time high.
Global palladium production is expected to fall 11 per cent to 6.44 million ounces this year as a result of the epidemic.
Production in Russia, the world's largest palladium producer, is expected to fall 3 per cent to 2.77 million ounces this year.
Palladium supply in South Africa is expected to fall 24 per cent to 1.94 million ounces, while North American supply is expected to fall 6 per cent to less than 11 million ounces.
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