Platinum & Palladium Producers

Palladium traded above platinum for years as gasoline autocatalyst demand outstripped a supply base concentrated in Russia and South Africa, then collapsed as substitution and the electric vehicle transition undercut it. This inversion and its unwinding is the defining event in modern PGM markets.

Operating margin for the most recent fiscal year. The compression here is the price downcycle showing up directly in the accounts, and it is the sharpest margin stress anywhere in this sector. Margins are ratios, so the rand filers remain comparable.

Six years of operating margin. The arc from the palladium squeeze to the subsequent downcycle is visible directly in company profitability, several years after it appeared in the metal price.