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BASF announces breakthrough in platinum-for-palladium exchange, bringing the automotive industry closer to breaking free from palladium dependence
Release time:
11 Mar,2020
Cailian Press (Shanghai, editor Bian Chun) reported that the auto industry is one step closer to breaking free from its reliance on palladium after German chemical giant BASF SE developed a new technology for gasoline vehicles that replaces some of the palladium with cheaper platinum.
Cailian Press (Shanghai, editor Bian Chun) reported that the automotive industry is one step closer to breaking free from its reliance on palladium after German chemical giant BASF SE developed a new technology for gasoline vehicles that replaces some palladium with cheaper platinum.
BASF said on Tuesday that the technology, funded by two South African platinum mining companies, has been tested and meets emission standards. A company spokesperson said the technology is expected to be mainly used in 2023 models, with some potential applications in the previous year (2022) after automakers test and prove it meets government regulations for each model.
The BASF spokesperson also said that the amount of platinum used in the new catalyst will depend on the vehicle model and sales region. The company's mining partners are Sibanye Stillwater Ltd. and Impala Platinum Holdings Ltd.
"Early indications suggest this newly developed catalyst design is a partial solution," Matthew Watson, founder and president of Precious Metals Commodity Management LLC in California, said in an email on Tuesday. While he noted that the pace of substitution remains unclear, approximately 300,000 ounces of demand in automotive catalyst production will shift from palladium to platinum.
Michael Sheehan, portfolio manager at Orion Commodities Management LP, a metals hedge fund, said that in the long run, this development should support platinum, but it may take several years for this new catalyst to be widely adopted by automakers.
The World Platinum Investment Council said that partially replacing palladium in the production of catalysts that suppress vehicle emissions may not completely eliminate the palladium shortage, but it will boost platinum prices.
Platinum prices rose as much as 3.2% on Tuesday before giving up some gains, as the news marked one of the first signs that manufacturers are able to overcome technical hurdles in using platinum to replace palladium. Platinum prices have been sluggish as consumers abandon diesel vehicles, which primarily use platinum, and it now trades at just over one-third the price of palladium.
In contrast, over the past 18 months, the introduction of stricter emission standards has boosted palladium demand and widened the supply gap, more than doubling the price of the metal. Palladium fell 3.2% on Tuesday, with Citigroup Inc. predicting that the coronavirus outbreak will reduce consumption of the metal this year.
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