The Palladium Standard
Heraeus Precious Metals - Setting the PGM agenda for the year ahead.
The Palladium Standard contains a comprehensive evaluation and outlook on the issues we believe will set the PGM agenda for the coming year. This report covers the key factors that affect PGM supply and demand as well as pricing in each year. It follows the publication of The Platinum Standard. Both are issued in collaboration with the SFA (Oxford), a world-renowned authority on platinum group metals.
The Palladium Standard 2025
This year´s edition of The Palladium Standard provides analysis and outlook of:
- Palladium: Market close to balance as primary supply contracts in South Africa and North America
- Platinum: Deficit expected to deepen due to weaker mine output, and robust jewelry demand
- Rhodium: Market remains in deficit, supported by industrial demand
- Ruthenium & Iridium: Critical for hydrogen, data storage, and electronics – but supply remains concentrated in South Africa, raising questions on long-term security
