Russian metals giant Norilsk Nickel believes that new technologies it is developing, including for hydrogen synthesis, will increase demand for palladium in China.
It could amount to up to 15% of current consumption, a top manager of the company told Reuters. In number terms, the growth in demand for palladium in China will amount to 5-10 tons in 2026-2027.
Demand from manufacturers of cars with internal combustion engines, which use palladium in exhaust pipes to neutralize harmful emissions (they account for 80% of global consumption of this metal), should decline amid the growing popularity of electric vehicles.
According to forecasts, traditional demand for palladium in China will fall by 29% by 2030.
Late last year, Nornickel teamed up with some of its Chinese customers to test new catalysts for the hydrogen industry, seeking a place for palladium in the global transition to green energy.
Palladium prices fell 46% in 2023 amid a massive shift to battery-electric vehicles, which do not use palladium.
This year palladium prices fell another 10%.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
