Spot palladium quote priced in USD, used to track precious metals exposure and industrial demand from automotive catalysts.
Commodity Profile
Palladium Spot: Commodity identity, physical supply and demand, mine production, industrial uses, reserves and inventories, with historical charts, source dates and geographic coverage.
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Palladium Spot commodity fundamentals
The physical economy
The catalyst at the heart of the market
Palladium's physical market is closely connected to catalytic converters. Vehicle technology and recycling are central to understanding its supply and demand.
Full available history is shown by default. Older monthly and weekly observations are sampled at quarter-end to keep long-term charts light. Each metric starts when its own source data begins.
World · annual
World mine production
190tonnes
Measured in metric tonnes: one tonne is 1,000 kilograms. This covers newly mined metal; recycled metal and existing stockpiles are separate. Country shares show where mine supply originates.
tonnes · Reported history · Scale from zero
USGS Mineral Commodity Summaries 2026; 2025 estimates and revised 2024 output. Mine supply excludes recycled metal. Earlier history comes from USGS Minerals Yearbooks and Data Series 140 where available; latest overlapping estimates take precedence.
Explore reported values 11 observations
World mine production · tonnes. Full source history begins 2015-12-31.
Period
Value
Status
2025
190
estimate
2024
217
estimate
2023
208
actual
2022
206
actual
2021
217
actual
2020
202
actual
2019
228
actual
2018
220
actual
2017
216
actual
2016
209
actual
2015
218
actual
Production concentration
Mining around the world
87.6%top 3 producers
Russia43.3%
South Africa36.1%
Canada8.24%
Zimbabwe7.73%
United States3.19%
Other1.49%
Shares use the sum of reported country output because a consistent world total is unavailable. Other combines the remaining reported countries. tonnes; 2025.
01 · Supply
What brings it to market?
Russia and South Africa are major mining sources. Recycling used catalysts returns metal to supply.
02 · Demand
What creates demand?
The mix of combustion, hybrid and battery-electric vehicles changes catalyst requirements; substitution with platinum also matters.
03 · Stocks
What is already available?
PGM reserve figures combine multiple metals. A reserve in the ground is not a palladium stockpile ready to sell.
The supply still in the ground
Where recoverable deposits remain
2026 report
Economically recoverable · estimates
Combined PGM reserves by country
01South Africa63,000 tonnes
2025-12 · estimate
02Russia11,000 tonnes
2025-12 · estimate
03Zimbabwe1,300 tonnes
2025-12 · estimate
04United States590 tonnes
2025-12 · estimate
05Canada310 tonnes
2025-12 · estimate
Source: USGS. Latest reported period is shown for each entry.
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Reserves are a changing estimate.
They describe deposits considered economically recoverable under current conditions. Discoveries, prices, costs and technology can all change the estimate.
These figures cover all platinum-group metals together. They cannot be split into platinum-only or palladium-only reserves.
Underground reserves ≠ metal ready to sell
More supply and inventory indicators 2 series
World · annual
Combined PGM reserves
>76Ktonnes
USGS reports more than this quantity for the entire platinum-group metal family. It is not a platinum-only or palladium-only reserve estimate.
More history is needed for a chart.
2026 report reserve estimate. Reserves change with prices, discoveries and technology; they are not all metal underground or a depletion countdown. Combined PGM reserves cannot be assigned separately to platinum or palladium. World value is a strict lower bound.
Explore reported values 1 observations
PGM group reserves, more than · tonnes. Full source history begins 2025-12-31.
Period
Value
Status
2025
76,000
estimate
US · annual
US catalyst recycling
50tonnes
Recycling vehicle catalysts provides secondary metal supply. The figure covers US recovery and cannot be used as a worldwide recycling estimate.
More history is needed for a chart.
Metal recovered from automobile catalysts in the United States. This is secondary supply, not new mine production or a global recycling total.
Explore reported values 1 observations
US catalyst recycling · tonnes. Full source history begins 2025-12-31.
Period
Value
Status
2025
50
estimate
Sources, coverage & methodology
Charts retain each source's full available time span. Oil charts use one last-available observation per completed calendar quarter throughout, including forecast quarters; these are samples, not quarterly averages. Incomplete latest quarters are excluded from charts; Headline figures keep the latest historical source value and date. Metal annual series keep every year. Older metal monthly/weekly observations are sampled at quarter-end; recent observations use monthly samples and the latest year of weekly data where applicable. Samples retain original dates and values; no averaging or extrapolation. Forecasts remain separate from reported history. Country output: top 10 plus Other for the latest 15 years. Official gold holdings: largest 13 available countries, year-end history plus the latest 12 months. Full source observations retained in the warehouse.
Each metric retains its own observation date, geography, unit and publication status. Monthly refresh does not imply that all source observations are monthly. Forecasts are not realized data.
Continue to production geography, historical balances, reserves and industrial uses with access to this asset.
Understanding the physical market
Palladium fundamentals: questions answered
What connects palladium demand with vehicles?
Palladium is used in catalysts for combustion-engine vehicles. Vehicle production, emissions requirements, catalyst design and the mix of powertrains can influence this demand channel.
Why does palladium supply concentration matter?
Mine supply concentrated in a few producing countries can make disruptions or production changes in those countries significant. The displayed country shares describe mine output, not all above-ground stocks or recycled supply.
Are the underground reserves specific to palladium?
No. The available reserve figures cover platinum-group metals together. They do not provide a palladium-only underground reserve total, and should not be interpreted as one.
Can recovered vehicle catalysts supply palladium?
Yes. Recycling used catalysts can return palladium and other platinum-group metals to the market. The United States recovery statistics shown here are a separate supply indicator, not a global palladium recycling total.
How far back does the palladium data go?
The earliest displayed source coverage begins in 2015. Start dates differ by metric; one indicator’s coverage does not apply to every chart. Full available history is the default view, with shorter views available from the History selector.
How often are these fundamentals updated?
iPulse AI refreshes these fundamentals monthly. Source releases may be annual, monthly or weekly, so each record keeps its own observation date and publication status. A refresh date does not mean every underlying observation is new.
Do these charts track the commodity price?
These charts focus on physical fundamentals such as mine output, economically recoverable reserves, reported holdings and selected uses. Quantities and percentages retain their source units; they are different from the market price shown elsewhere on the asset page.
How should estimates, forecasts and revisions be read?
Reported estimates can be revised as sources obtain better information. Forecasts, where available, are shown separately with dashed chart segments and are not realized outcomes. Missing observations are not converted to zero, and each metric retains its source and scope.
