Image credit: tookapic (Pixabay)
The average price for minor platinum group metals (PGMs) ruthenium and iridium is expected to rise next year as that of platinum and palladium weaken due to new supply, MiningMx reports citing research house, SFA Oxford.
SFA Oxford executive chairperson Stephen Forrest told the Joburg Indaba PGM Industry Day conference that the South African PGM supply would grow as mines that had closed begin to re-open."The last thing on people's minds is buying a new car… as people were likely to purchase electric vehicles there would be lower demand for platinum and palladium," he was quoted as saying.
"Therefore, relative to the overall basket, the minor metals iridium and ruthenium were likely to outperform price-wise."
The iridium price recently recorded an all-time high of $6,000/oz.
The average platinum price was expected to be $1,200 per ounce.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
