The World Platinum Investment Association (WPIC) said recently that carmakers are accelerating reductions in palladium use and increased use of platinum due to concerns about Russian palladium supplies. However, it still expects a significant surplus in the platinum market this year.
Palladium is used by carmakers in tailpipe emissions systems to reduce carbon emissions. While carmakers prefer palladium for catalytic converters, they are turning to platinum, which is cheaper than palladium, to save costs.
Russia accounts for about 25-30% of the world's palladium supply and 8-10% of its platinum supply.
There is no sign that western sanctions against Russia have restricted palladium exports since the conflict escalated in February, but as the conflict continues, more companies could boycott The Russian metal and governments could impose restrictions.
Platinum is currently trading at about $950 an ounce, about half the price of palladium. Automakers use about 2.5 million to 3 million ounces of platinum and about 8.5 million ounces of palladium each year.
For the year as a whole, platinum supply will be 5 percent lower than in 2021 and demand 2 percent higher, with the automotive sector seeing a 16 percent increase due to increased light vehicle tungsten carbide powder are still very uncertain.
Tungsten carbide is a compound in which two elements are combined to form a new metal. Recently, it has become increasingly popular in the industrial world as more and more people use it in place of traditional metals. It's a versatile and very useful material, but what makes it better than other metals?
Tungsten carbide is a very hard material. It is predicted to have a Mohs hardness of 8.5 to 9, second only to diamonds. This makes it a valuable metal with many different uses. Tungsten carbide bits are incredibly resilient to work where other metal bits blunt and break.
Steel, by contrast, has three times less rigidity than tungsten. This rigidity makes tungsten stronger than steel and titanium. Tungsten is very durable and can withstand many tests in any job. Whether it's tungsten powder or tungsten carbide blades, this compound gets the job done.
In addition to its strength, tungsten is easily recycled and can be used for many years. Tungsten carbide waste is collected, melted down, and modified better than other metals, potentially damaging or missing in the process. Other metals tend to lose their integrity or become too damaged to recycle, leading to more waste. Many companies are more than willing to buy tungsten scrap at a very reasonable price to give you less waste and a smaller carbon footprint.
The strength of tungsten plays an important role in its recovery value. Its toughness has ensured a long life, but there is no loss of durability in carbide recovery materials when it is recycled. Unlike metal, it is strong in all its uses and can be recycled again and again. Almost all other metals eventually break down. Because tungsten is a compound and not a natural metal, it does not have this disadvantage.
Tungsten has proved its superiority over other metals time and again in the industrial field. Its durable strength and versatility make carbide recovery materials one of the most valuable compounds.
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Southern Copper Corp (SCCO.N) recently said its Peruvian mine remained closed after a six-week standoff with protesters and blamed the Peruvian government for failing to intervene in the safety of its 1,300 workers and their families.
The company said in a statement that a recent agreement to end protests at the Cuajone mine required the company to withdraw complaints against protest leaders because railways transporting minerals and supplies remained blocked. Production has been suspended since the end of February.
Peru's Energy Ministry said in a separate statement that it had also reached an agreement with Southern Copper to start talks to find common ground with local communities.
"If we shut down for a year, the government will stop receiving more than 3.1 billion soles ($830 million) in taxes and royalties, and 8,000 direct and indirect jobs will be lost. This is what we want to avoid, "Southern Copper added in the statement.
Peru has faced a wave of protests from indigenous communities, who accuse mining companies of not providing enough jobs and funding to poor local residents.
Central bank officials said last week that protests against copper mines such as MMG's Las Bambas and Southern Copper's Cuajone were dragging down the economy.
Peru is the world's second-largest copper producer and mining is an important source of tax revenue for the country. It is estimated that the supply and prices of the tungsten carbide powder will be influenced by that.
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