# Palladium: Stocks

The secret Soviet stockpile that sank prices

Source page: https://www.materialinsights.org/commodities/palladium/stocks/

What this tab covers How much is left and how much is held. For minerals and energy: reserves, current output, years of supply and recycling for the top five countries. For farm commodities: production, ending stocks and stocks-to-use for the top five producers (USDA, October 2026). It also covers inventories and stockpiles.

#### Top five countries: reserves, output and years of supply

| Country | Reserves t PGM content (all six PGMs) | Current output t palladium + platinum (mine, 2025e) | Years of supply | Recycling |
|---|---|---|---|---|
| **South Africa** | 63,000 | 190 | 332 | n/a |
| **Russia** | 11,000 | 104 | 106 | n/a |
| **Zimbabwe** | 1,300 | 33 | 39 | n/a |
| **Canada** | 310 | 21 | 15 | n/a |
| **United States** | 590 | 8 | 74 | about 50 t Pd recovered from US autocatalysts in 2025 |

 USGS MCS 2026, Platinum-Group Metals (world mine production and reserves table). Years of supply = reserves ÷ current output; reserves grow as prices and technology change, so this is not a countdown.

#### Recycling

USGS reports reserves only for PGMs combined, so years here compare PGM reserves with palladium plus platinum output; treat them as indicative. Recycling: about 140 t of palladium and platinum were recovered globally from scrap in 2025, including about 50 t of palladium from US catalytic converters (USGS MCS 2026). Johnson Matthey puts 2025 open-loop palladium recycling at 3,135 koz, 32% of total supply. The EU end-of-life recycling input rate for palladium is 12% (EU CRM 2023). No country figures were found for China, Japan or India.

Palladium reserves are reported only inside the USGS PGM total of more than 76 million kg, so a palladium-only reserve life is not meaningful. The real buffers are above ground. In the 1990s Soviet-era palladium stockpiles were sold quietly through Zurich banks to jewellers and trading houses, depressing prices (Pitron, pdf p. 64). Today autocatalyst recycling is the main secondary source: about 50,000 kg of palladium was recovered from US converters alone in 2025. The EU's end-of-life recycling input rate is 12%. Recycled supply lags demand, since converters return only when cars are scrapped.

#### Reserves
 World reserves 76,000,000 kilograms, all PGMs combined (USGS: >76,000,000) South Africa 83% Russia 14% Zimbabwe 2% United States 1% Canada 0% Largest reserve holders, share of world reserves (USGS MCS 2026). Reserves are what is economic to extract today, not what exists.

#### Recycling
 End-of-life recycling input rate in the EU: 12% of demand met from post-consumer scrap (EU CRM study 2023).

About 140,000 kg of palladium and platinum were recovered globally from scrap in 2025, including about 50,000 kg of palladium from US autocatalysts.

## Other sections

- [Summary](https://www.materialinsights.org/commodities/palladium/index.md)
- [Overview](https://www.materialinsights.org/commodities/palladium/overview/index.md)
- [Correlation](https://www.materialinsights.org/commodities/palladium/correlation/index.md)
- [Extraction](https://www.materialinsights.org/commodities/palladium/extraction/index.md)
- [Production](https://www.materialinsights.org/commodities/palladium/production/index.md)
- [Cycles](https://www.materialinsights.org/commodities/palladium/cycles/index.md)
- [Trading](https://www.materialinsights.org/commodities/palladium/trading/index.md)
- [Movement](https://www.materialinsights.org/commodities/palladium/movement/index.md)
- [Criticality](https://www.materialinsights.org/commodities/palladium/criticality/index.md)
- [Characteristics](https://www.materialinsights.org/commodities/palladium/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/commodities/palladium/emissions/index.md)
- [Relationships](https://www.materialinsights.org/commodities/palladium/links/index.md)