Palladium and Platinum: The Metals Running Short
Beneath every petrol and hybrid car lies a hidden vulnerability: the catalytic converter. These essential devices rely on palladium and platinum, rare precious metals controlled by a dangerously small number of global suppliers. This documentary explores the invisible chokepoint that could bring global automotive production to a standstill.
From the dominance of Russia's Nornickel and South Africa's mines to the surprising 'Hybrid Paradox' and the slowdown of EV adoption, we analyze the fragile supply chain and the geopolitical tensions shaping the market. Can recycling and substitution save the industry, or is the world headed for a severe supply squeeze?
Educational documentary. Not financial or investment advice.
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Sources and credits
Primary sources
- [U.S. Geological Survey — Mineral Commodity Summaries 2026: Platinum Group Metals](https://pubs.usgs.gov/periodicals/mcs2026/mcs2026-platinum-group.pdf)
- [U.S. Commerce Department — Final Determinations on Palladium Anti-Dumping Investigation](https://www.trade.gov)
- [U.S. International Trade Commission — Press Release on ITC Determination (No Injury Found)](https://www.usitc.gov/press_room/news_release/2026/er0529_68662.htm)
- [U.S. Energy Information Administration — Light-Duty Vehicle Sales and Fuel Consumption Data 2025](https://www.eia.gov/todayinenergy/)
- [Johnson Matthey — 2026 Platinum Group Metals Market Report](https://matthey.com/media/2026/johnson-matthey-publishes-2026-pgm-market-report1)
- [World Platinum Investment Council — Platinum Quarterly Q1 2026](https://platinuminvestment.com/files/634916/WPIC_Platinum_Quarterly_Q1_2026.pdf)
- [Nornickel (Norilsk Nickel) — Official Guidance and Q1 2026 Results](https://www.nornickel.com)
- [Bloomberg — "Russia's Nornickel Sees Lower Palladium Output as Grades Decline" — 28 January 2026](https://www.bloomberg.com/news/articles/2026-01-28/russia-s-nornickel-sees-lower-palladium-output-as-grades-decline)
- [Moscow Times — "Russia's Nornickel Reports Sharp First-Quarter Drop in Metal Output" — 28 April 2026](https://www.themoscowtimes.com/2026/04/28/russias-nornickel-reports-sharp-first-quarter-drop-in-metal-output-a92628)
- [Mining Weekly — "Platinum to Remain in Deficit This Year, While Palladium, Rhodium May Record Surpluses, Johnson Matthey" — 14 May 2026](https://www.miningweekly.com/article/platinum-to-remain-in-deficit-this-year-while-palladium-rhodium-to-record-surpluses-johnson-matthey-2026-05-14)
- [Mining.com — "US Moves Closer to Prohibitive Tariffs on Russian Palladium" — May 2026](https://www.mining.com/web/us-moves-closer-to-prohibitive-tariffs-on-russian-palladium/)
- [Law360 — "Commerce Finalizes Steep Duties on Russian Palladium"](https://www.law360.com/articles/2471949/commerce-finalizes-steep-duties-on-russian-palladium)
- [Mining.com — "Russia's Largest Palladium Producer Sees Platinum Deficit"](https://www.mining.com/web/russia-s-largest-palladium-producer-sees-platinum-deficit-this-year/)
- [Mining.com — "Nornickel Sees 2026 Nickel Output Broadly in Line with Previous Year"](https://www.mining.com/web/nornickel-sees-2026-nickel-output-broadly-in-line-with-previous-year/)
- [Kitco — "US Commerce Department Sets Final Anti-Dumping Duty on Russian Palladium at 132.83%" — 28 April 2026](https://www.kitco.com/)
- [Crux Investor — "Russian Palladium Tariffs & Platinum Deficits Re-rate Low-Risk PGM Projects" — 2026](https://www.cruxinvestor.com/posts/)
- [Discovery Alert — "Johnson Matthey 2026 PGM Report: Platinum Deficit and Palladium Surplus"](https://discoveryalert.com.au/)
- [BlancoMet — "How Recycling Catalytic Converters Cuts Metal Mining"](https://blancomet.co.uk/blog/how-recycling-catalytic-converters-cuts-precious-metal-mining/)
- [IBC MRT — "Catalytic Converter Recycling: Highly Efficient Recovery of Platinum, Palladium, and Rhodium"](https://ibcmrt.com/)
- [ScienceDirect — "Recovery of palladium (Pd) from waste catalytic converter and preparation of fullerene core yolk shell materials"](https://www.sciencedirect.com/science/article/abs/pii/S0022286025024615)
Not regulated financial advice.