Investor Presentaiton
mln oz
Palladium Market Balance
As of May 2013 no major supplies on the market from
Russian state palladium reserves
-11% decline in Pd supply in 2012 due to South African
unrests and mines put on care & maintenance
+7% growth in demand for autocatalysts mainly due to
North American and Chinese vehicle production increase in
2012
In recent years, supply was absorbed by strong emergence
of investment demand. Net investments in 2012 resulted in
430koz. In recent 6 months Pd ETFs are up by 21%.
In the long run, consumption growth rate should continue to
exceed production growth rate and move palladium market
into sustained deficit
ETF Pd holdings
Global supply & demand balance
Palladium Supply/Demand (koz)
8,750
8,500
8,250
8,000
7,750
7,500
7,250
7,000
6,750
6,500
6,250
6,000
חי
2010
2011
2012F
2013F
2014F
2015F
1,750
1,500
1,250
1,000
750
500
250
0
-250
-500
-750
-1,000
-1,250
Market Surplus/(Deficit) (koz)
Market Surplus Market Deficit -Supply -Demand
Palladium consumption by industry & regions
2,500
2,000
1,500
1,000
0,500
Other
1%
Investment
6%
Autocats
67%
Other
18%
China
16%
North
America
24%
EU
23%
Apr-07
Electrical
15%
Apr-08
Apr-09
Apr-10
Apr-11
Apr-12
Apr-13
Japan
Other funds
Deutsche Bank Julius Baer ■ZKB ETF Securities
Dental Chemical
6%
5%
19%
NORILSK NICKEL
Source: Johnson Matthew, Renaissance Capital, Deutsche Bank, HSBC, Macquarie research, VTB capital, Bloomberg, Reuters
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