In 2014, the palladium market experienced what analysts often describe as a perfect storm, but the confluence of positive price factors and events which drove palladium prices to multi-year highs in last year is unlikely to be repeated in 2015.

Executive summary 1

Chapter 1 - Palladium 7

1. Summary 7

2. Gross fabrication demand 9

      2.1 Summary 9

      2.2 Autocatalysts 12

      2.3 Chemical industry 26

      2.4 Electrical / electronics 28

      2.5 Jewellery fabrication 31

      2.6 Dentistry 35

      2.7 Other uses 36

3. Supply from old scrap 38

3.1 Summary 38

3.2 Spent autocatalysts 38

3.3 Electrical and electronics scrap 42

3.4 Chemical scrap 42

3.5 Other secondary flows 43

4. Mine production 46

      4.1 Summary 46

      4.2 Key regional developments 49

      4.3 Committed production changes 58

      4.4 Other potential developments 66

      4.5 Mine production forecast 68

5. Market balance and prices 70

Chapter 2 - Gold 79

Chapter 3 - Silver 103

Chapter 4 - Platinum 133

Appendix A - Industrial and economic outlook 150

冶金工业信息标准研究院