Russian imports4 Jun 2022 21:26
Flow of Russian metal into US rises in Q1'22 due to scant options
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/flow-of-russian-metal-into-us-rises-in-q1-22-due-to-scant-options-70634776
And for other metals such as palladium, trade flows continue largely uninterrupted, said CPM Group Managing Partner Jeffrey Christian. Palladium is a platinum group metal, or PGM, that is critical in the catalytic converters that remove pollution from vehicle exhaust.
"There has been some issues in terms of rerouting payments, but there hasn't been a major disruption on the flow of metal," said Christian, referring to palladium and platinum.
Russia is a dominant producer of palladium and accounted for over 40% of global production in 2020. Given global dependence on Russia for the crucial automotive metal, analysts said they doubted any new sanctions would target PGMs directly.
"The auto industry has so many problems right now that I don't think there's any interest on the part of governments to try to do things that would cause further pain and problems for their industries," Christian said. "Similarly, we haven't seen the Russian government say, 'Hey, we're going to cut off your PGMs.' They desperately need the foreign exchange earnings."
GLA