Silver (page 3)
Demand from the photovoltaic industry: Good news for demand from the photovoltaic industry, but changes in Chinese regulations may lead to a reduction in overall global demand for solar energy.
Recognition as a critically important mineral: The inclusion of silver in the list of critically important minerals in the United States, reflecting its growing strategic importance.
Import dependence: The United States depends on imports from Mexico, Canada and Peru, as domestic production covers only about 30% of consumption.
The growth of solar energy in the United States: Record capacity growth is projected in 2025 (32.5 GW), despite declining support for renewable energy sources. Incentives such as a federal solar tax credit require construction to begin by mid-2026.
Platinum (page 4)
Market shortage: It is predicted that the platinum market will be in short supply this year, which should contribute to higher prices.
South African supply disruptions: Platinum production in South Africa is expected to decrease by about 3% in 2025 due to production and processing disruptions in the first half of 2025.
Palladium (page 5)
Decline in North American production: Palladium production is projected to decrease by 26% due to Stillwater restructuring and Impala Canada production cuts.
Demand in the automotive industry: The growth of hybrid vehicles in the EU (34.7% of the market) still means demand for catalysts.
Transition to electric vehicles (BEV): BEV accounts for 15.6% of EU sales, undermining palladium demand, which is estimated to decline by 3% in Western Europe.
Rhodium, Ruthenium, Iridium (page 6)
Ruthenium: Growing demand in the chemical sector (caprolactam hydrogenation catalysts in China).
