Morning Bites
🇨🇱Chile’s copper output dropped 3% YoY in January, after a 5% YoY decrease in December, per the INE data. Chile (~24% of global mined Cu supply) has recently revised down its medium-term Cu production forecast. Specifically, its outlook for 2026 is now 6% below the previous estimate (implying only moderate YoY growth of 2-3%). The revision came amid falling ore grades and adjustments to mining plans in Chile
🇵🇪 Peru’s copper output rose 3% YoY in January, vs. the 3% YoY decline in December. Expansion of Antamina will drive up the output in 2026; however, MINEM expects supply of 2.8mnt this year — broadly flat YoY
The joint production of Chile and Peru (>35% of global Cu supply) was down 1% YoY in January
#copper
🇨🇱Chile’s copper output dropped 3% YoY in January, after a 5% YoY decrease in December, per the INE data. Chile (~24% of global mined Cu supply) has recently revised down its medium-term Cu production forecast. Specifically, its outlook for 2026 is now 6% below the previous estimate (implying only moderate YoY growth of 2-3%). The revision came amid falling ore grades and adjustments to mining plans in Chile
🇵🇪 Peru’s copper output rose 3% YoY in January, vs. the 3% YoY decline in December. Expansion of Antamina will drive up the output in 2026; however, MINEM expects supply of 2.8mnt this year — broadly flat YoY
The joint production of Chile and Peru (>35% of global Cu supply) was down 1% YoY in January
#copper
Morning Bites
🔗Global crude steel output declined 2% YoY in February to 142mnt, after the 7% drop YoY in January, World Steel Association (WSA) data show. China’s production (~50% of global crude steel supply) decreased 4% YoY, while world ex-China output also inched down 1% YoY, per the WSA. Specifically, the WSA numbers show that Russian and EU output dropped 10% and 4% YoY, respectively, last month. Meanwhile, US production increased 6% YoY and Indian output (~10% of global steel supply) gained 8% YoY (also up 10% YoY in 2mo26)
Given the ongoing crisis on the global steel market, Beijing might introduce additional strict supply-control measures, similar to the 2016-17 reform (when >100mnt steelmaking capacities were removed), we think. New reform, if announced, could trigger a recovery in global steel prices in 2026
#steel
🔗Global crude steel output declined 2% YoY in February to 142mnt, after the 7% drop YoY in January, World Steel Association (WSA) data show. China’s production (~50% of global crude steel supply) decreased 4% YoY, while world ex-China output also inched down 1% YoY, per the WSA. Specifically, the WSA numbers show that Russian and EU output dropped 10% and 4% YoY, respectively, last month. Meanwhile, US production increased 6% YoY and Indian output (~10% of global steel supply) gained 8% YoY (also up 10% YoY in 2mo26)
Given the ongoing crisis on the global steel market, Beijing might introduce additional strict supply-control measures, similar to the 2016-17 reform (when >100mnt steelmaking capacities were removed), we think. New reform, if announced, could trigger a recovery in global steel prices in 2026
#steel
Morning Bites
🚘EU + UK passenger car registrations rose 2% YoY in February, vs. the 3% YoY drop in January, per the ACEA data. The overall figure was still 14% lower than the pre-Covid level (February 2019). Specifically, local catalyst-containing car sales inched down 1% YoY, which was offset by the strong BEV registrations (+18% YoY) seen last month
In our view, PGM supply issues (e.g., recent SBSW guidance until 2040), cancellation of EV-support programmes in the US (from late-September 2025), as well as potentially higher PGM autocatalyst loadings in China in the coming years (due to planned China 7 emissions standard) might bolster Pd/Pt market fundamentals in the medium term
In 2024, the EU+UK accounted for some 23% and 26% of world autocatalyst Pd and Pt demand, respectively
#cars
🚘EU + UK passenger car registrations rose 2% YoY in February, vs. the 3% YoY drop in January, per the ACEA data. The overall figure was still 14% lower than the pre-Covid level (February 2019). Specifically, local catalyst-containing car sales inched down 1% YoY, which was offset by the strong BEV registrations (+18% YoY) seen last month
In our view, PGM supply issues (e.g., recent SBSW guidance until 2040), cancellation of EV-support programmes in the US (from late-September 2025), as well as potentially higher PGM autocatalyst loadings in China in the coming years (due to planned China 7 emissions standard) might bolster Pd/Pt market fundamentals in the medium term
In 2024, the EU+UK accounted for some 23% and 26% of world autocatalyst Pd and Pt demand, respectively
#cars
Morning Bites
🔗CISA mills daily crude steel production in mid-March was 2.03mnt, up 0.8% from the previous ten days, but 6.4% lower YoY. Per CISA data, local production slid 6.6% YTD (through March-20). Meanwhile, local steel inventories rose 0.6% over the period, and were 5.9% higher YoY
Given the ongoing crisis on the global steel market, Beijing might introduce additional strict supply-control measures, similar to the 2016-17 reform (when >100mnt steelmaking capacities were removed), we think. New reform, if announced, could trigger a recovery in global steel prices in 2026
China accounts for >50% of global steel supply
#steel
🔗CISA mills daily crude steel production in mid-March was 2.03mnt, up 0.8% from the previous ten days, but 6.4% lower YoY. Per CISA data, local production slid 6.6% YTD (through March-20). Meanwhile, local steel inventories rose 0.6% over the period, and were 5.9% higher YoY
Given the ongoing crisis on the global steel market, Beijing might introduce additional strict supply-control measures, similar to the 2016-17 reform (when >100mnt steelmaking capacities were removed), we think. New reform, if announced, could trigger a recovery in global steel prices in 2026
China accounts for >50% of global steel supply
#steel
Morning Bites (part 1)
🏭 Aluminium plants in the UAE and Bahrain were damaged on 28 March, amid the escalation of conflict in the Middle East, Bloomberg reports, citing statements made by the companies involved. Specifically, EMAL (UAE, ~2% of global primary Al production) and Alba (Bahrain, ~2%) operations were affected, but the scale of damage is still being assessed. We also recap that Qatalum (Qatar, ~1%) was expected to suspend production by end-March due to gas shortages
On our numbers, the Gulf countries jointly accounted for ~9% of global Al supply in 2025, so continuous production disruptions are likely to add further support to aluminium market fundamentals, along with strong consumption dynamics globally. Specifically, Japan 2Q26 aluminium premia already increased ~80% QoQ to ~350 USD/t, reaching the 11-year highs
#aluminium
🏭 Aluminium plants in the UAE and Bahrain were damaged on 28 March, amid the escalation of conflict in the Middle East, Bloomberg reports, citing statements made by the companies involved. Specifically, EMAL (UAE, ~2% of global primary Al production) and Alba (Bahrain, ~2%) operations were affected, but the scale of damage is still being assessed. We also recap that Qatalum (Qatar, ~1%) was expected to suspend production by end-March due to gas shortages
On our numbers, the Gulf countries jointly accounted for ~9% of global Al supply in 2025, so continuous production disruptions are likely to add further support to aluminium market fundamentals, along with strong consumption dynamics globally. Specifically, Japan 2Q26 aluminium premia already increased ~80% QoQ to ~350 USD/t, reaching the 11-year highs
#aluminium
Morning Bites (part 2)
🏗️ Several Iranian steel plants were damaged by air strikes on 27 March, including 2 largest sites: Mobarakeh Steel (~7.1 mntpa) and Khouzestan Steel (~4.2 mntpa), which jointly account for ~35% of local steel output, Argus reports. However, the strikes reportedly hit non-core infrastructure (power stations, warehouses, etc.), while blast furnaces and production units largely remained intact, suggesting overall limited impact on operations
On our numbers, Iran accounts for ~2% of global steel output (and 3–4% of exports), so further escalation of the conflict or sustained supply disruptions might weigh on local exports and, hence, provide marginal support to global steel prices, we think
#steel
🏗️ Several Iranian steel plants were damaged by air strikes on 27 March, including 2 largest sites: Mobarakeh Steel (~7.1 mntpa) and Khouzestan Steel (~4.2 mntpa), which jointly account for ~35% of local steel output, Argus reports. However, the strikes reportedly hit non-core infrastructure (power stations, warehouses, etc.), while blast furnaces and production units largely remained intact, suggesting overall limited impact on operations
On our numbers, Iran accounts for ~2% of global steel output (and 3–4% of exports), so further escalation of the conflict or sustained supply disruptions might weigh on local exports and, hence, provide marginal support to global steel prices, we think
#steel
Morning Bites
🥉Global mined copper production rose 2.2% YoY in January, a reversal from the decline of 2.1% YoY seen in December, the International Copper Study Group reports. The main contributor to production growth in early-2026 was Peru (+3% YoY)
Meanwhile, apparent copper consumption rose 2.5% YoY in January. Specifically, per ICSG data, China’s copper consumption grew 1% YoY over the period
We maintain our bullish view on copper, amid both short- and long-term supply issues, growing global demand for renewables and surging investments in China’s grid infrastructure (~8% of global Cu demand, on our numbers)
#copper
🥉Global mined copper production rose 2.2% YoY in January, a reversal from the decline of 2.1% YoY seen in December, the International Copper Study Group reports. The main contributor to production growth in early-2026 was Peru (+3% YoY)
Meanwhile, apparent copper consumption rose 2.5% YoY in January. Specifically, per ICSG data, China’s copper consumption grew 1% YoY over the period
We maintain our bullish view on copper, amid both short- and long-term supply issues, growing global demand for renewables and surging investments in China’s grid infrastructure (~8% of global Cu demand, on our numbers)
#copper
Morning Bites
🥈Global ETFs sold 31mnoz net of silver in March, vs. the 10mnoz net gain in February, per fund data. The decline accounted for ~4% of their total silver holdings (~30% of global Ag demand in 2025E, in annualised terms), which underpins the ongoing price volatility. In 1Q26 ETFs sold 62mnoz (20% of global demand in annualized terms)
Despite the solid demand for renewable energy in China, which supports a deep physical market deficit (15-18% of global Ag consumption in 2025-26F, on our numbers), current silver prices are already above the medium-term levels we view as fundamentally reasonable (~USD 65/oz), mainly due to abnormal speculative activity, we believe
#silver
🥈Global ETFs sold 31mnoz net of silver in March, vs. the 10mnoz net gain in February, per fund data. The decline accounted for ~4% of their total silver holdings (~30% of global Ag demand in 2025E, in annualised terms), which underpins the ongoing price volatility. In 1Q26 ETFs sold 62mnoz (20% of global demand in annualized terms)
Despite the solid demand for renewable energy in China, which supports a deep physical market deficit (15-18% of global Ag consumption in 2025-26F, on our numbers), current silver prices are already above the medium-term levels we view as fundamentally reasonable (~USD 65/oz), mainly due to abnormal speculative activity, we believe
#silver
Morning Bites
🌏 Global manufacturing PMIs mainly improved in March. The Eurozone Markit Manufacturing PMI printed 51.6 (vs. 50.8 in February), while the US ISM Manufacturing PMI inched up to 52.7 (vs. 52.4 seen last month)
🇨🇳 The official NBS Manufacturing PMI in China rose to 50.4 (from 49.0 a month ago). However, the Caixin China Manufacturing PMI slid to 50.8 (from 52.1 earlier)
🇮🇳 India’s manufacturing PMI of 53.8 remains one of the strongest indicators among the world's key economies
❗️Overall, manufacturing PMI readings in every major region were above 50.0: this could be a positive sign for local industrial metals demand, if the trend persists, we think. At the same time, India is the standout with continuously robust PMI figures
#PMIs
🌏 Global manufacturing PMIs mainly improved in March. The Eurozone Markit Manufacturing PMI printed 51.6 (vs. 50.8 in February), while the US ISM Manufacturing PMI inched up to 52.7 (vs. 52.4 seen last month)
🇨🇳 The official NBS Manufacturing PMI in China rose to 50.4 (from 49.0 a month ago). However, the Caixin China Manufacturing PMI slid to 50.8 (from 52.1 earlier)
🇮🇳 India’s manufacturing PMI of 53.8 remains one of the strongest indicators among the world's key economies
❗️Overall, manufacturing PMI readings in every major region were above 50.0: this could be a positive sign for local industrial metals demand, if the trend persists, we think. At the same time, India is the standout with continuously robust PMI figures
#PMIs
Morning Bites
💍Hong Kong jewellery and watch sales gained 24% YoY in February, vs. the +31% YoY in January, per government data. According to Rapaport, demand remained steady for larger diamonds; however, the geopolitical situation has dented customer sentiment in March, while many participants from the Middle East are absent.
We maintain our cautious view on the medium-term prospects for a recovery in the global diamond market, given the risks to supply discipline related to Anglo American's planned sale of De Beers (which is currently disrupting the price-over-volume strategy), as well as geopolitical/trading concerns.
#diamonds
💍Hong Kong jewellery and watch sales gained 24% YoY in February, vs. the +31% YoY in January, per government data. According to Rapaport, demand remained steady for larger diamonds; however, the geopolitical situation has dented customer sentiment in March, while many participants from the Middle East are absent.
We maintain our cautious view on the medium-term prospects for a recovery in the global diamond market, given the risks to supply discipline related to Anglo American's planned sale of De Beers (which is currently disrupting the price-over-volume strategy), as well as geopolitical/trading concerns.
#diamonds
Morning Bites
🏦 Global central banks purchased net 19t of gold in February, vs. the +5t net seen in January, marking the 33th consecutive month of reserve accumulation, per World Gold Council data
The March numbers will be particularly important to watch, as Turkey kept selling with amplifying volumes, while it remains unclear how other central banks, particularly in the Middle East, adjusted their positions amid rising geopolitical tensions
Amid the escalation in the Middle East, we are seeing a broad risk-off across most asset classes, driven by concerns over rising inflation and, consequently, higher interest rates. Gold prices currently remain above fundamentally justified levels; however, if elevated oil prices persist, they are likely to accelerate cost inflation, which we believe could potentially make even current high gold prices a new fundamental baseline. As a result, we still see medium-term upside risks for gold
#gold
🏦 Global central banks purchased net 19t of gold in February, vs. the +5t net seen in January, marking the 33th consecutive month of reserve accumulation, per World Gold Council data
The March numbers will be particularly important to watch, as Turkey kept selling with amplifying volumes, while it remains unclear how other central banks, particularly in the Middle East, adjusted their positions amid rising geopolitical tensions
Amid the escalation in the Middle East, we are seeing a broad risk-off across most asset classes, driven by concerns over rising inflation and, consequently, higher interest rates. Gold prices currently remain above fundamentally justified levels; however, if elevated oil prices persist, they are likely to accelerate cost inflation, which we believe could potentially make even current high gold prices a new fundamental baseline. As a result, we still see medium-term upside risks for gold
#gold
Morning Bites
🚘US light vehicle sales fell 12% YoY in March, vs. the -2% YoY seen in February. Total car sales in the US were also 15% below their pre-Covid (March 2019) level. According to US media reports, despite overall weakening consumer sentiment, the YoY decline was also due to the high base effect from March 2025 (when sales were boosted ahead of the introduction of tariffs on imported vehicles)
Meanwhile, the share of catalyst-containing cars in local sales is to gradually increase, we believe, as new US budget legislation eliminated USD 7,500 and USD 4,000 tax credits for buying new and used EVs, respectively, from the end of September 2025. In our view, this factor will further weigh on BEV sales in the US (~8% of global BEV registrations in 2025), as was the case in Germany in early-2024 - supportive for PGM market fundamentals
On our numbers, North America accounted for 24% and 15% of world autocatalyst Pd and Pt consumption, respectively, in 2024
#cars #PGMs
🚘US light vehicle sales fell 12% YoY in March, vs. the -2% YoY seen in February. Total car sales in the US were also 15% below their pre-Covid (March 2019) level. According to US media reports, despite overall weakening consumer sentiment, the YoY decline was also due to the high base effect from March 2025 (when sales were boosted ahead of the introduction of tariffs on imported vehicles)
Meanwhile, the share of catalyst-containing cars in local sales is to gradually increase, we believe, as new US budget legislation eliminated USD 7,500 and USD 4,000 tax credits for buying new and used EVs, respectively, from the end of September 2025. In our view, this factor will further weigh on BEV sales in the US (~8% of global BEV registrations in 2025), as was the case in Germany in early-2024 - supportive for PGM market fundamentals
On our numbers, North America accounted for 24% and 15% of world autocatalyst Pd and Pt consumption, respectively, in 2024
#cars #PGMs
Morning Bites (part 1)
🚘New car registrations in France, the UK, Spain, Italy and Germany rose 11% YoY in March, vs. the 3% YoY gain in February. Total sales, however, remained below their pre-COVID level (13% lower than March 2019)
Specifically, in France, car sales were 23% beneath their 2019 level, while registrations in Italy and Germany were 4% and 15% lower, respectively. UK figures fell 17% while Spain gained 6% vs. 2019 levels
Given these five countries represented more than 70% of new vehicle registrations in Europe in 2025, the region’s car sales likely increased YoY last month, while remaining well below their pre-pandemic levels
#cars #PGMs
🚘New car registrations in France, the UK, Spain, Italy and Germany rose 11% YoY in March, vs. the 3% YoY gain in February. Total sales, however, remained below their pre-COVID level (13% lower than March 2019)
Specifically, in France, car sales were 23% beneath their 2019 level, while registrations in Italy and Germany were 4% and 15% lower, respectively. UK figures fell 17% while Spain gained 6% vs. 2019 levels
Given these five countries represented more than 70% of new vehicle registrations in Europe in 2025, the region’s car sales likely increased YoY last month, while remaining well below their pre-pandemic levels
#cars #PGMs
Morning Bites (part 2)
🔗CISA mills daily crude steel production in late-March was 1.99mnt, down 1.7% from the previous ten days, and also 6.3% lower YoY. Per CISA data, local production slid 6.5% YTD (through March-31). Meanwhile, local steel inventories slid 7.6% over the period, but were 8.7% higher YoY
Given the ongoing weakness in the global steel market, we believe Beijing might continue to tighten supply on a gradual basis, even though the current five-year plan lacks explicit targets for capacity cuts. After a surge in exports in 2023–25 that weighed on global prices, further gradual supply-side measures could help rebalance the market and support steel prices in 2026
China accounts for >50% of global steel supply
#steel
🔗CISA mills daily crude steel production in late-March was 1.99mnt, down 1.7% from the previous ten days, and also 6.3% lower YoY. Per CISA data, local production slid 6.5% YTD (through March-31). Meanwhile, local steel inventories slid 7.6% over the period, but were 8.7% higher YoY
Given the ongoing weakness in the global steel market, we believe Beijing might continue to tighten supply on a gradual basis, even though the current five-year plan lacks explicit targets for capacity cuts. After a surge in exports in 2023–25 that weighed on global prices, further gradual supply-side measures could help rebalance the market and support steel prices in 2026
China accounts for >50% of global steel supply
#steel
Morning Bites (part 1)
📉Gold-backed ETFs sold 85t of gold net in March, reversing from the +26t net seen in February, per World Gold Council data. The outflows were recorded in all regions except Asia, which purchased 10t net last month
Since the escalation of the Middle East conflict (from 28 February), we have seen a broad risk-off across most asset classes, driven by concerns over rising inflation (and, hence, higher interest rates), weighing on speculative gold demand
Although at spot gold continues to trade above the level we see as fundamentally reasonable, intense inflationary pressure, if high oil prices persist, might eventually trigger another bull-run in gold prices, similar to 1978-1980 case, in our view
#ETF #Gold
📉Gold-backed ETFs sold 85t of gold net in March, reversing from the +26t net seen in February, per World Gold Council data. The outflows were recorded in all regions except Asia, which purchased 10t net last month
Since the escalation of the Middle East conflict (from 28 February), we have seen a broad risk-off across most asset classes, driven by concerns over rising inflation (and, hence, higher interest rates), weighing on speculative gold demand
Although at spot gold continues to trade above the level we see as fundamentally reasonable, intense inflationary pressure, if high oil prices persist, might eventually trigger another bull-run in gold prices, similar to 1978-1980 case, in our view
#ETF #Gold
Morning Bites (part 2)
⛏️ Indonesia has approved its 2026 nickel ore production quotas at 190–200mnt, marking a significant reduction from the total 2025 quota of 379mnt, MySteel reports, citing Indonesia's Ministry of Energy and Mineral Resources. However, local authorities signaled potential flexibility to ease these restrictions, depending on price stability and global market conditions
Although the headline figure implies a material cut to Indonesia’s nickel supply this year (15-20% below the 2025 level, per our preliminary estimate) the final quota approved for 2026 might be much higher, we believe. Previously, Indonesia had also signaled production cuts in early 2025, but they did not materialise, with the market remaining in significant surplus (~8% of demand in 2025)
Indonesia accounted for ~63% of global mined Ni supply in 2025
#nickel
⛏️ Indonesia has approved its 2026 nickel ore production quotas at 190–200mnt, marking a significant reduction from the total 2025 quota of 379mnt, MySteel reports, citing Indonesia's Ministry of Energy and Mineral Resources. However, local authorities signaled potential flexibility to ease these restrictions, depending on price stability and global market conditions
Although the headline figure implies a material cut to Indonesia’s nickel supply this year (15-20% below the 2025 level, per our preliminary estimate) the final quota approved for 2026 might be much higher, we believe. Previously, Indonesia had also signaled production cuts in early 2025, but they did not materialise, with the market remaining in significant surplus (~8% of demand in 2025)
Indonesia accounted for ~63% of global mined Ni supply in 2025
#nickel
Morning Bites
🏗China’s excavator sales jumped 26% YoY in March (domestic + export), vs. the -11% YoY seen in February, per CCMA data. Specifically, domestic sales were up 23% YoY (but 67% lower than the same period in 2021). In our view, March data, which are the most seasonally important for Chinese excavator sales, provide a mildly bullish indicator of the prospects for a recovery in the local property sector in 2026
The gradual recovery of Chinese excavator sales, recorded since mid-2024, suggests that local construction activity is slowly bottoming out, in our view. Meanwhile, Beijing plans to further cut 'excessive' steel output in 2026 (after -4% YoY in 2025, per official data). We believe that these factors might reduce surging Chinese steel exports, and support global steel prices in 2026
#steel
🏗China’s excavator sales jumped 26% YoY in March (domestic + export), vs. the -11% YoY seen in February, per CCMA data. Specifically, domestic sales were up 23% YoY (but 67% lower than the same period in 2021). In our view, March data, which are the most seasonally important for Chinese excavator sales, provide a mildly bullish indicator of the prospects for a recovery in the local property sector in 2026
The gradual recovery of Chinese excavator sales, recorded since mid-2024, suggests that local construction activity is slowly bottoming out, in our view. Meanwhile, Beijing plans to further cut 'excessive' steel output in 2026 (after -4% YoY in 2025, per official data). We believe that these factors might reduce surging Chinese steel exports, and support global steel prices in 2026
#steel
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Week ahead data releases in M&M
As the reporting season begins, we commence a series of posts devoted to the forthcoming data releases. This week, among major M&M names, Alcoa is set to release its 1Q26 earnings. On the EBITDA side, we are moderately more bullish than the consensus
Also this week, we expect to see the Chinese trade statistics and industrial production data for March, as well as monthly South African mining statistics
#reporting_season
As the reporting season begins, we commence a series of posts devoted to the forthcoming data releases. This week, among major M&M names, Alcoa is set to release its 1Q26 earnings. On the EBITDA side, we are moderately more bullish than the consensus
Also this week, we expect to see the Chinese trade statistics and industrial production data for March, as well as monthly South African mining statistics
#reporting_season
❤1
Morning Bites
🇨🇳Total car sales in China inched down 1% YoY in March (vs. the 15% YoY decrease in February)
📌Sales of China’s new catalyst-containing (ICE+hybrids) cars declined 2% YoY in March (vs. the 17% YoY drop in February). We keep our view that the exclusion of EV support from China’s 2026-30 strategic industries plan (as per Reuters), as well as the potentially higher PGM loadings into local autocatalysts after 2026 (due to the upcoming China 7 emissions standard), are likely to bolster Pd/Pt market fundamentals. To recap, the Chinese automotive sector accounts for 20% and 17% of global Pd and Pt demand, respectively
📌New EV sales in China inched up 1% YoY in March, vs. the -14% YoY seen in February. Specifically, local BEV sales (66% of total EV registrations) rose 3% YoY, while PHEVs shrank 2% YoY. Per CnEVpost, China's EV sales posted a marginal increase in March, mainly due to robust overseas demand offsetting a double-digit slump in the domestic market
#cars #EV #nickel #lithium #cobalt
🇨🇳Total car sales in China inched down 1% YoY in March (vs. the 15% YoY decrease in February)
📌Sales of China’s new catalyst-containing (ICE+hybrids) cars declined 2% YoY in March (vs. the 17% YoY drop in February). We keep our view that the exclusion of EV support from China’s 2026-30 strategic industries plan (as per Reuters), as well as the potentially higher PGM loadings into local autocatalysts after 2026 (due to the upcoming China 7 emissions standard), are likely to bolster Pd/Pt market fundamentals. To recap, the Chinese automotive sector accounts for 20% and 17% of global Pd and Pt demand, respectively
📌New EV sales in China inched up 1% YoY in March, vs. the -14% YoY seen in February. Specifically, local BEV sales (66% of total EV registrations) rose 3% YoY, while PHEVs shrank 2% YoY. Per CnEVpost, China's EV sales posted a marginal increase in March, mainly due to robust overseas demand offsetting a double-digit slump in the domestic market
#cars #EV #nickel #lithium #cobalt