Why did palladium prices fall so much from the 2022 peak?

Palladium fell from $3,400/oz in March 2022 to under $1,000/oz in 2025, driven by three factors: (1) rising BEV penetration reducing long-run autocatalyst demand expectations, (2) automakers accelerating Pt-for-Pd substitution in gasoline catalysts, and (3) Chinese auto data softness. The structural bear case is that BEV adoption will continue reducing gasoline engine autocatalyst demand over the next decade.

Is Russian palladium sanctioned?

Formal sanctions on Russian palladium remain limited (unlike some other Russian metals). However, Western automakers (GM, Ford, Stellantis, Toyota, Honda) have been informally "self-sanctioning" by diversifying away from Russian palladium sources. The LPPM (London Platinum and Palladium Market) suspended Russian refiners in 2022, meaning Russian palladium cannot be delivered to LME-equivalent vaults.

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Palladium price today: live

Snapshot · Daily feed

Palladium is priced via the LBMA AM/PM fix and NYMEX PA futures. Russia (Norilsk Nickel) produces roughly 40% of global supply. Palladium is the dominant metal in gasoline autocatalysts, making it vulnerable to the long-term EV transition narrative.

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Palladium mining stocks

Major producers

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#	Company	Commodity revenue	Price	24h %	YTD	1Y	Geography
01	SBSW Norilsk Nickel (Nornickel) ADR World's largest palladium producer (~40% global supply). Effectively untradeable for US/EU investors since 2022 due to sanctions. Nornickel Taimyr Peninsula operations in Russia.	~42%	—	—	—	—	Russia
02	SBSW Sibanye-Stillwater Stillwater (Montana) is the only primary PGM mine in the Western Hemisphere. SA operations: Marikana, Kroondal. Stillwater significantly curtailed in 2024-2025 amid low palladium prices. Also major gold producer.	~35%	—	—	—	—	South Africa · USA (Montana)
03	NGLOY Valterra Platinum (VAL.JO) Demerged from Anglo American Platinum May 31, 2025. Mogalakwena (worlds largest Pt mine) also produces palladium as byproduct. JSE:VAL, LSE:VALT.	~60%	—	—	—	—	South Africa
04	IMPUY Impala Platinum (IMP.JO) Rustenburg, Two Rivers, Marula (South Africa) plus Impala Canada (Lac des Iles). ~1.4M PGM oz annual. About 35-40% of revenue from palladium.	~38%	—	—	—	—	South Africa · Canada · Zimbabwe
05	ANGPY Northam Platinum (NHM.JO) Booysendal (open cast, low cost) + Zondereinde (underground). South African pure-play PGM. Sold Royal Bafokeng stake to Implats in 2023.	~40%	—	—	—	—	South Africa
06	VALE Vale S.A. Sudbury and Voisey Bay (Canada) nickel-cobalt-PGM operations. PGM is small by-product; approximately 1-2% of total Vale revenue.	~2%	—	—	—	—	Canada · Brazil

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Precious MetalsCurated top 5

Palladium producer stocks

All commodity stocks

#	Company	Ticker	Price	24h %	Exchange	Note
01	Anglo American Platinum OTC: ANGPY / JSE: AMS	ANGPY	--	--	OTC	Major PGM producer — OTC ADR
02	Sibanye-Stillwater NYSE: SBSW / JSE: SSW	SBSW	--	--	NYSE	Stillwater US Pd mine
03	Impala Platinum OTC: IMPUY / JSE: IMP	IMPUY	--	--	OTC	Impala Rustenburg — OTC ADR
04	Glencore plc OTC: GLNCY / LSE: GLEN	GLNCY	--	--	OTC	Pd by-product exposure — OTC ADR

Ranked by commodity exposure (30%+ rule). Source: CommoditiesTracker hub database, June 2026. · Full producer database →

Palladium ETFs

Top funds by AUM

Source: Yahoo Finance + ETF issuer pagesAll palladium ETFs →

Ticker	Fund	Structure	Expense ratio	AUM	YTD	1Y
PALL	abrdn Physical Palladium Shares abrdn	Physical	0.60%	—	—	—
SPPP	Sprott Physical Platinum & Palladium Sprott	Physical	0.65%	—	—	—
PHPD_LON	WisdomTree Physical Palladium (Europe) WisdomTree	Physical	0.40%	—	—	—
PGM	iPath Bloomberg Platinum Subindex Barclays	Futures	0.61%	—	—	—

How palladium prices move

What’s moving this market

Structural fundamentals · Reviewed annually

Supply

Russia and South Africa dominate; sanctions create supply risk

Russia (Norilsk Nickel) produces roughly 40% of global palladium. South Africa (Valterra, Impala, Northam, Sibanye) produces another 40%. Western sanctions on Russian metals have created informal "self-sanctioning" among automakers seeking to reduce Russian palladium exposure, though formal sanctions on palladium remain limited.

Johnson Matthey PGM Market Report

Demand

Gasoline autocatalysts are 85% of palladium demand

Gasoline vehicle autocatalysts consume roughly 85% of palladium demand. Battery electric vehicles do not use autocatalysts, making palladium uniquely exposed to the EV transition. However, hybrid vehicles (ICE + battery) still use full autocatalysts. The transition away from palladium is expected to take 10-15 years as the ICE vehicle fleet turns over.

Johnson Matthey PGM Market Report

Policy and macro

Pt-for-Pd substitution and EV penetration are the bears

Automakers have been substituting platinum for palladium in gasoline catalysts since roughly 2018 (when palladium spiked to $3,400+). About 15-20% of the switchover was complete by 2025. Rising BEV market share in China and Europe is the structural long-term bear case. Palladium fell from $3,400/oz (March 2022) to under $1,000/oz in 2025 before partially recovering.

LBMA · Johnson Matthey

Key market data

Palladium fundamentals

Annual Demand

~9.5M oz

Auto catalysts ~85%, electronics ~10%, dental ~2%, industrial ~3%. Gasoline engine catalyst demand is the overwhelmingly dominant use. Hybrid vehicle growth (which still uses full catalysts) provides a medium-term demand buffer vs full BEV.

Johnson Matthey PGM Market Report · Annual

Annual Mine Supply

~6.5M oz

Russia ~40% (Norilsk Nickel dominant), South Africa ~40%, North America ~5%, Zimbabwe ~3%, other ~12%. Recycled palladium (auto scrap) adds roughly 3M oz annually.

Johnson Matthey PGM Market Report

Pt/Pd Ratio

~1.36

Platinum overtook palladium in price in 2024, with the ratio above 1 for the first time since 2017. Historically platinum traded at a significant premium to palladium. The current reading reflects palladium's structural demand headwinds vs platinum.

LBMA · NYMEX · Daily

Recycled Supply

~3M oz

Autocatalyst scrapping provides roughly 3M oz of recycled palladium annually, growing as the vehicle fleet ages. Recycling growth is bearish for primary mine supply demand.

Johnson Matthey · Heraeus · Annual

Russian Supply Share

~40%

Norilsk Nickel (Nornickel) is the world's largest palladium producer. Western sanctions on Russian metals have created informal supply-chain "self-sanctioning" by automakers. Formal sanctions on palladium remain limited as no Western substitute supply exists at scale.

Johnson Matthey · Annual

Price Volatility (90-day)

~32%

Elevated since the March 2022 LME-adjacent spike. The structural supply-demand story (supply surplus emerging as EV penetration grows) creates sustained downward pressure with periodic short-covering rallies.

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2026 price forecasts

Palladium price targets from 20 analysts

Aggregated 2026 price forecasts from major banks, research houses, and industry bodies. Range, median, and revision history — every forecast linked to its source.

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How to invest in palladium

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Palladium ETFs

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Palladium futures

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Frequently asked questions

Common questions, answered

The current palladium price is shown at the top of this page from the LBMA AM/PM fixing and NYMEX PA futures. The LBMA fix is the global benchmark for physical transactions.

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Major producers

Producer stock buzz

Palladium producer stocks

Top funds by AUM

What’s moving this market

Russia and South Africa dominate; sanctions create supply risk

Gasoline autocatalysts are 85% of palladium demand

Pt-for-Pd substitution and EV penetration are the bears

Palladium fundamentals

Palladium price targets from 20 analysts

Ways to gain palladium exposure

Palladium ETFs

Palladium stocks

Palladium futures

PGM Tracker

Common questions, answered

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