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China’s palladium imports from Russia rise to a record high

Image: Nornickel

China’s palladium imports from Russia rose to a record high in June.

The world’s biggest miner of the precious metal is rerouting shipments as many of its usual customers shun its goods following the invasion of Ukraine. 

China’s imports surpassed 75,733 ounces last month, up 186% compared to May.

Palladium prices rose 14% this month from six-month lows beneath $1,764 an ounce hit in June. 

Yet, the autocatalyst metal price remains around $1,900 per ounce, 40% below its March record high of $3,165.38.

(Click here for an interactive chart of palladium prices)

Russia accounts for 40% of all mined production of the metal.

The country may choose to limit supply, raising global prices and its export revenues in a bid to counter recent G7 actions, CEO of CelsiusPro Australia Jonathan Barratt told CNBC in early July.

“If she (Russia) wants some reaction and more “tit-for-tat” that’ll probably be where she will do it”, said Barratt.

“The market could see up to a million ounces of palladium switched for platinum,” Amplats finance director Craig Miller told investors on a call.

He told Reuters this level could be reached in four to five years.

(With files from Reuters and Bloomberg)