Author: 22 Mar 2012 Last updated at 12:56:05 GMT

Barclays: PGMs pressured by weak data from China

NEW YORK (Scrap Monster):  Platinum group metals have been pressured by a drop in a Chinese manufacturing Purchasing Managers Index and weak trade data from the country, said Barclays Capital in a research note.

The preliminary HSBC Chinese PMI for March was 48.1, down from a final reading of 49.6 in February. Meanwhile, the most recent trade data show palladium imports halved year-on-year to 46,000 ounces, the lowest level since February 2009, and over the first two months of the year are down 27% year-on-year.

“The decline in imports has started off the year on a weaker note in comparison with the auto sector, but we do expect palladium demand to improve as tighter emissions legislation are implemented in light of a draft 'Beijing V emission standard,' coupled with modest growth in auto production,” Barclays added.

 Platinum imports fell to 188,000 ounces and imports for the year to date are still down 29% year-on-year.

 “Even though platinum has traded at a discount to gold on a sustained basis since September, physical demand from China has not responded with the same enthusiasm as in 2008-09, given healthy inventories that were built as platinum prices closed in on their premium to gold last year. However, appetite has responded to price corrections in March, with daily levels jumping to their highest since October,” Barclays continued.

As of 9:13 a.m. EDT, Nymex April platinum was $24.20, or 1.5%, lower to $1,616.20 an ounce. June palladium was down $23.20, or 3.4%, to $666.45.

METAL PRICE CHARTS

GET PRICE CHARTS

14ct Gold Scrap Price Charts

9ct Gold Scrap Price Charts

Platinum Scrap Price Charts

RELATED NEWS

Baotou Steel Rare Earth to Merge with Five Smaller Firms to Establish China North Rare Earth Group

December 16th 2014 04:38 AM
Baotou Steel Rare Earth to Merge with Five Smaller Firms to Establish China North Rare Earth Group
China's leading rare earth producer Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co. (BREG) will merge with five smaller rare…

Jobs go as scrap metal dealer shuts

December 12th 2014 09:56 PM
Jobs go as scrap metal dealer shuts
A scrap metal dealer headquartered in South Yorkshire and founded in 1982 has closed its doors

Newport News man accused in scrap thefts

December 12th 2014 09:46 PM
Newport News man accused in scrap thefts
A Newport News man whom police say stole more than $1,000 worth of scrap metal from a local business is…

Japanese H2 scrap average prices see marginal rise

December 12th 2014 05:12 AM
Japanese H2 scrap average prices see marginal rise
The average price of Japanese H2 scrap was slightly up during the second week of December
Scrap Item Price Unit
6061 Extrusions 0.80 $US / Lb
Old Sheet 0.70 $US / Lb
Al/Cu Radiators 1.60 $US / Lb
Old Cast 0.71 $US / Lb
6063 Extrusions 0.82 $US / Lb
Zorba 90% NF 0.72 $US / Lb
Next Story