US floats G7 ban on key automotive input
Palladium prices are rallying on the news that the US has called for sanctions on Russian supplies, with futures up about 8% on the day at time of writing. According to Bloomberg, the US has asked members of he G7 group to consider sanctioning Russian palladium and titanium. The idea was floated during a meeting of G7 deputy finance ministers on Tuesday, Blomberg reports.
Russia accounted for around 15% of global titanium sponge production in 2020. Titanium sponge is the precursor to titanium metal, which has a different supply chain and manufacturing process than the much larger titanium dioxide pigment sector. Supply shortageBut a ban on palladium would have a more dramatic effect, and likely accelerate the current trend among automakers to substitute platinum for palladium in catalytic converters.
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