PGM Market 2026: Why Platinum Tightens While Palladium and Rhodium Turn

Rhodium The platinum group metals complex is splitting in two. For most of the past two decades, the PGM market moved as one story — driven overwhelmingly by the internal combustion engine and its catalytic converters. In 2026 that unity breaks. Platinum, ruthenium and iridium are set to stay in structural deficit on the back of industrial and energy-transition demand, while palladium and rhodium — the autocatalyst-geared metals — tip into surplus as higher prices pull scrap back into the market and combustion-engine production declines. For traders, procurement teams and industrial buyers, th...