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The impact of Russia's export duties on the platinum group metals market
Release time:
17 Oct,2023
In a recent period, the price of rhodium has continued to rise by more than 100 yuan per day. This has led to speculation within the precious metals industry regarding the impact of Russia's export tariffs on commodities, including platinum group metals. Many member companies have sought verification from the China Precious Metals Industry Committee (CPMIC). In response, the China National Resources Recycling Association's Precious Metals Industry Committee has arranged to understand the situation in depth from both the upstream and downstream supply and demand sides, and has contacted several Russian member companies of the association.
Recently, the price of rhodium has been continuously rising by more than 100 yuan per day. This has led to speculation in the precious metals industry about whether it is affected by Russia's export tariffs on commodities including platinum group metals, prompting many member companies to seek confirmation from the China Precious Metals Industry Committee (CPMIC).
In response, the China Precious Metals Industry Committee of the China National Resources Recycling Association arranged to understand the in-depth situation from both upstream and downstream supply and demand enterprises, and contacted several Russian member enterprises of the association. Based on the comprehensive information obtained, and the fact that the price of palladium, Russia's most important platinum group metal, has not fluctuated significantly, and the price of platinum is also relatively stable, it indicates that Russia's implementation of export tariffs has not affected the prices of platinum group metals. If Russian companies pass on the export tariffs to buyers, the price will be significantly higher than the market price and will not be accepted by buyers. The China Precious Metals Industry Committee (CPMIC) believes that the rapid and continuous rise of rhodium is mainly based on three reasons: 1. In August this year, CPMIC suspended the recycling of most domestic waste three-way catalysts, resulting in more than one ton of rhodium from domestic recycling being unable to be replenished to the market, and this situation manifested itself two months later; 2. Major suppliers of rhodium are hoarding and reluctant to sell, leading to a serious shortage of rhodium in the market; 3. It is not ruled out that there are speculative activities. Currently, the market is controlled by suppliers. CPMIC will closely monitor when this situation will ease, provide timely information to rhodium-using units in the fiberglass, chemical, and automotive industries, and we will also accelerate the recovery of waste three-way catalysts to alleviate the tight supply of rhodium. During this period, CPMIC suggests that member enterprises on both the supply and demand sides take relevant measures to reduce risks.
Issued by the China Precious Metals Industry Committee of the China National Resources Recycling Association
October 16, 2023
Attachment: According to a message released on September 21 on the Russian government website: It was decided to impose flexible export tariffs on various commodities from October 1, 2023 to the end of 2024, with the tariff rate linked to the ruble exchange rate.
Specific Policy: The Russian government pointed out that, according to the level of the ruble exchange rate, the export tariff rates for most of the commodities on the list are 4% to 7%. If the ruble exchange rate of the Central Bank of Russia is not higher than 80 rubles per US dollar, the export tariffs for some commodities will be zero; when the exchange rate is between 80 (inclusive) and 85, the tariff rate is 4%; when it is between 85 (inclusive) and 90, the rate is 4.5%; when it is between 90 (inclusive) and 95, the rate is 5.5%; and when it is not less than 95, the rate is 7%.
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