Material Insights · Understanding the Material World

Palladium

Palladium cleans petrol-car exhausts; it comes mostly from Russian nickel mines and South African platinum mines.

Precious metals · No. 24

  • EU strategic
  • EU critical 2023
  • US critical 2025
  • India critical 2023
  • HHI 3,136 · highly concentrated
Precious metals · Foundation · Matter

Most palladium is never the main prize: 80-97% of it comes out of mines dug for platinum or nickel.

Chart: Illustration: Palladium

Where it comes from

Chart: Map of where it comes from

In Russia's Norilsk region palladium comes from nickel-copper ores, where nickel pays the mine's bills. In South Africa it comes from the same Bushveld reefs as platinum.

Three things to know
  1. In the 1990s Soviet-era palladium stockpiles were quietly sold through Zurich banks, pushing prices down.
  2. About 50,000 kg of palladium was recovered from US car catalysts in 2025.
  3. The US is both the largest exporter and the largest importer of palladium, thanks to recycling and re-export flows.
The journey
  1. 1 OreNorilsk nickel-copper ore or Bushveld reef
  2. 2 MatteFloated and smelted
  3. 3 PGM residueLeft after nickel and copper refining
  4. 4 Palladium spongeSeparated from the other PGMs
  5. 5 Catalytic convertersCoated inside petrol-car exhausts
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