The Economics of Platinum Group Metals

SUMMARY

Autocatalysts continue to drive demand for platinum and palladium

The growth, from a very small base in the mid 1990s, of the Chinese markets for platinum and palladium in jewellery and, to a lesser extent, in autocatalysts is probably the most significant feature of the world platinum group metals (PGM) industry in recent years. In 2004, Chinese jewellers purchased some 31t of platinum and 22t of palladium, representing about 45% and 77% respectively of world PGM demand for jewellery, and almost 12% of world PGM demand. Demand for platinum and palladium is expected to grow by about 3%py and 5%py respectively up to 2010. Autocatalysts will continue to drive the market as car production grows in China and India, and emission standards are tightened and enforced. The use of platinum, palladium and rhodium to catalyse the conversion of noxious exhaust emissions from petrol and diesel driven vehicles is currently by far the largest use for platinum group metals. In Europe, where Stage IV emissions limits came into force in 2005, demand for platinum autocatalysts has risen sharply as sales of fuel-efficient diesel cars continue to grow in response to higher fuel prices. Carmakers in North America are moving back to palladium catalysts in response to the decline in palladium prices, while new regulations governing emissions from heavy-duty diesel vehicles in Japan caused demand for platinum autocatalysts to rise steeply in both 2003 and 2004. The key trends, issues and developments in the market are analysed in this major new report from Roskill. It provides a clear insight into the industry and its trends, and an authoritative analysis of the prospects for the future.

What the report gives you

• Independent, in-depth research and analysis
• Essential market intelligence for successful business planning
• Detailed survey of production in 35 countries
• Up-to-date profiles of over 40 producing companies and exploration projects and their activities, including Anglo American Platinum, Impala Platinum, Lonmin Platinum, Norilsk Nickel and Aquarius
• Forecasts for end-use consumption and world supply and demand

Report highlights

In 2005, 22 mines owned by eight companies were producing platinum group metals as a primary product, 18 of which are in South Africa, while a further three operations in Russia and Canada were producing substantial amounts as a by-product of nickel. Although some 19 platinum group metals projects were being developed or were under consideration in 2005, most were being reassessed because of the strong Rand in South Africa, and political uncertainty in Zimbabwe.

Primary supply of the three principal platinum group metals (platinum, palladium and rhodium) was an estimated 440t in 2004, comprising 45% platinum 50% palladium and 5% rhodium. Supply between 1990 and 2004 increased at an average year-on-year rate of 5.3%.

In 2004, South Africa accounted for 78% of primary platinum supplies, 34% of palladium and 82% of rhodium. Platinum group metals are primary products in South Africa, with output driven mainly by demand for platinum. In contrast, in Russia PGM are produced as by-products of nickel, and output is not sensitive to world demand, with the result being that palladium is stockpiled. The other significant sources of PGM are Canada, the USA and Zimbabwe.

The use of palladium in electrical and electronic applications, once its largest market, has declined sharply since 2000 as a consequence of miniaturisation, and substitution by nickel in layered ceramics. Platinum is being used in increasing volumes to enhance storage capacity density on hard drive disks for computers, digital cameras, mobile phones and other devices.

TABLE OF CONTENTS

1. Summary

2. Properties, occurrence, and resources of platinum group metals

• 2.1 History of pgm
• 2.2 Properties of pgm
• 2.3 Occurrence of pgm
• 2.4 Resources of pgm
• 2.5 Pgm production processes
  • 2.5.1 Primary production processes
  • 2.5.2 Secondary production processes
• 2.6 Pgm production costs

3. World pgm production and supply data

• 3.1 Production and supply of platinum
• 3.2 Production and supply of palladium
• 3.3 Production and supply of rhodium
• 3.4 Secondary pgm production
• 3.5 Supply and demand balance
• 3.6 Pgm producing mines and companies
  • 3.6.1 New pgm projects

4. Exploration, mine and refinery production of pgm by country

• 4.1 Australia
  • 4.1.1 Pgm exploration in Australia
    • 4.1.1.1 Helix Resources NL/Rimfire Pacific Mining - Fifield
    • 4.1.1.2 Helix Resources - Munni Munni
    • 4.1.1.3 Platinum Australia Ltd - Panton
    • 4.1.1.4 Anaconda Nickel - Weld Range
    • 4.1.1.5 Other pgm exploration
• 4.2 Austria
• 4.3 Belgium
  • 4.3.1 Umicore
• 4.4 Bolivia
• 4.5 Botswana
• 4.6 Brazil
• 4.7 Canada
  • 4.7.1 Production of pgm in Canada
  • 4.7.2 North American Palladium Ltd
  • 4.7.3 Inco Ltd
  • 4.7.4 Falconbridge Ltd
  • 4.7.5 Exploration for pgm in Canada
    • 4.7.5.1 Pacific North West Capital
    • 4.7.5.2 Canadian Royalties
    • 4.7.5.3 Wallbridge Mining
    • 4.7.5.4 Muskox Minerals Corp
    • 4.7.5.5 Ursa Major Minerals
    • 4.7.5.6 Marathon pgm Corp
    • 4.7.5.7 Other pgm prospects in Canada
• 4.8 China
  • 4.8.1 Production of pgm
• 4.9 Colombia
• 4.10 Ethiopia
• 4.11 Finland
• 4.12 France
• 4.13 Germany
• 4.14 Greenland
• 4.15 India
• 4.16 Italy
• 4.17 Japan
• 4.18 Kazakhstan
• 4.19 South Korea
• 4.20 Madagascar
• 4.21 Myanmar
• 4.22 Netherlands
• 4.23 New Zealand
• 4.24 Norway
• 4.25 Poland
• 4.26 Russia
  • 4.26.1 Pgm mining and Processing in Russia
    • 4.26.1.1 MMC Norilsk Nickel
    • 4.26.1.2 Placer production
    • 4.26.1.3 Krastsvetmet
    • 4.26.1.4 Other primary sources
    • 4.26.1.5 Potential sources
    • 4.26.1.6 Secondary pgm production
• 4.27 Serbia and Montenegro
• 4.28 South Africa
  • 4.28.1 Pgm resources in South Africa
  • 4.28.2 Pgm mining and processing in South Africa
    • 4.28.2.1 Anglo American Platinum Corporation Ltd
    • 4.28.2.2 Impala Platinum Holdings Ltd (Implats)
    • 4.28.2.3 Lonmin Platinum (Lonplats)
    • 4.28.2.4 Northam Platinum Limited
    • 4.28.2.5 Aquarius Platinum South Africa (AQPSA)
    • 4.28.2.6 Messina Platinum
    • 4.28.2.7 ARM Platinum
    • 4.28.2.8 Barplats - Salene Platinum
  • 4.28.3 New pgm mining and exploration projects in South Africa
    • 4.28.3.1 African Platinum (formerly Southern African Resources)
    • 4.28.3.2 AIM Resources Ltd
    • 4.28.3.3 Anooraq Resources Corp
    • 4.28.3.4 Jubilee Platinum
    • 4.28.3.5 Nkwe Platinum
    • 4.28.3.6 Pan Palladium Ltd
    • 4.28.3.7 Platinum Australia Limited - PLA
    • 4.28.3.8 Platinum Group Metals Limited - PTM
    • 4.28.3.9 Ridge Mining
• 4.29 Spain
• 4.30 Sweden
• 4.31 Switzerland
• 4.32 UK
  • 4.32.1 Johnson Matthey Plc
  • 4.32.2 Other companies
• 4.33 Ukraine
• 4.34 USA
  • 4.34.1 Pgm resources in the USA
  • 4.34.2 Pgm mining and processing in the USA
    • 4.34.2.1 Stillwater Mining Company
    • 4.34.2.2 Pgm exploration in the USA
  • 4.34.3 Pgm refining in the USA
• 4.35 Zimbabwe
  • 4.35.1 Pgm resources in Zimbabwe
  • 4.35.2 Pgm mining and processing in Zimbabwe
    • 4.35.2.1 Zimplats Holdings Limited (Zimplats) - Ngezi
    • 4.35.2.2 Mimosa Platinum (Private) Limited
    • 4.35.2.3 Bindura Nickel Corporation Limited
    • 4.35.2.4 Unki Platinum Project

5. World consumption of pgm

• 5.1 Consumption of pgm by region
• 5.2 Consumption of pgm by use
• 5.3 Regional demand for pgm by application
• 5.4 Future demand for pgm

6. Uses of pgm

• 6.1 Use of pgm in autocatalysts
  • 6.1.1 Development of pgm autocatalysts
    • 6.1.1.1 Petrol engine autocatalysts
    • 6.1.1.2 Diesel engine autocatalysts
  • 6.1.2 Markets for pgm in autocatalysts
    • 6.1.2.1 USA
    • 6.1.2.2 Europe
    • 6.1.2.3 Japan
    • 6.1.2.4 China
    • 6.1.2.5 Rest of the world
  • 6.1.3 Secondary recovery of pgm from autocatalysts
  • 6.1.4 Alternatives to pgm in vehicle emission control
  • 6.1.5 Outlook for pgm in autocatalysts
• 6.2 Use of pgm in jewellery
  • 6.2.1 Pgm jewellery alloys and types of jewellery
  • 6.2.2 Markets for pgm jewellery
    • 6.2.2.1 China
    • 6.2.2.2 Japan
    • 6.2.2.3 Europe
    • 6.2.2.4 North America
    • 6.2.2.5 Rest of the world
  • 6.2.3 Outlook for pgm in jewellery
• 6.3 Use of pgm in electrics and electronics
  • 6.3.1 Markets for pgm in electrics and electronics
    • 6.3.1.1 Multi-layered ceramic capacitors
    • 6.3.1.2 Hard drive disks
    • 6.3.1.3 Thermocouples
    • 6.3.1.4 Hybrid integrated circuits (HIC)
    • 6.3.1.5 Plating of connectors and lead frames
    • 6.3.1.6 Resistor components
    • 6.3.1.7 Other
  • 6.3.2 Recovery of pgm from electronic scrap
  • 6.3.3 Fuel cells
  • 6.3.4 Outlook for pgm in electrical and electronic uses
• 6.4 Use of pgm in dental alloys
  • 6.4.1 Types of pgm dental alloys
  • 6.4.2 Outlook for pgm in dental alloys
• 6.5 Use of pgm in chemical and electrochemical processes
  • 6.5.1 Catalytic uses for pgm
    • 6.5.1.1 Nitric acid
    • 6.5.1.2 Silicones
    • 6.5.1.3 Benzene, toluene and xylene
    • 6.5.1.4 Hydrogen peroxide
    • 6.5.1.5 Acetic acid
    • 6.5.1.6 Other catalysts
  • 6.5.2 Recovery of pgm from spent chemical catalysts
  • 6.5.3 Use of pgm in laboratory equipment
  • 6.5.4 Electrochemical use of pgm
  • 6.5.5 Outlook for pgm in chemical processes
• 6.6 Use of pgm in glass making equipment
  • 6.6.1 Outlook for pgm in glass making equipment
• 6.7 Use of pgm in the petroleum industry
  • 6.7.1 Use of pgm in catalytic reforming
  • 6.7.2 Other uses of pgm petroleum industry catalysts
• 6.8 Use of pgm for investment
  • 6.8.1 Outlook for pgm as an investment
• 6.9 Other uses of pgm

7. Analysis of international trade data for pgm

• 7.1 International trade in unwrought platinum
• 7.2 International trade in semi manufactured platinum
• 7.3 International trade in unwrought palladium
• 7.4 International trade in semi manufactured palladium
• 7.5 International trade in rhodium
• 7.6 International trade in ruthenium iridium and osmium

8. Marketing and prices of pgm

• 8.1 Commodity exchanges
• 8.2 Platinum and palladium price trends
• 8.3 Rhodium price trends
• 8.4 Minor pgm price trends
• 8.5 Outlook for pgm prices

List of Tables

• Table 1: Properties of platinum group metals
• Table 2: Ratio of pgm in major deposits (as a percentage of platinum content)
• Table 3: World: Reserves and reserve base for pgm, 2004
• Table 4: World: Resources of pgm by metal in selected major deposits
• Table 5: World: Production and supply of primary platinum, 1995 to 2004
• Table 6: World: Production and supply of primary palladium by country, 1995 to 2004
• Table 7: World: Supply of primary rhodium by country, 1995 to 2004
• Table 8: World: Recovery of pgm from autocatalysts, 1995 to 2004
• Table 9: World: Supply and demand of pgm, 1995 to 2004
• Table 10: World: pgm producing companies, 2005
• Table 11: World: pgm mining projects, 2005
• Table 12: Belgium: Exports and imports of pgm, 2000 to 2004
• Table 13: Canada: Exports and imports of pgm, 2000 to 2004
• Table 14: Canada: Production of pgm, 1995 to 2004
• Table 15: North American Palladium: Operating results, 1999 to 2004
• Table 16: Inco Ltd: pgm and nickel deliveries, 2000 to 2004
• Table 17: Inco: pgm reserves and resources at Ontario operations, 2004
• Table 18: River Valley prospect: Resource estimate, 2004
• Table 19: China: Exports and imports of pgm, 2000 to 2004
• Table 20: France: Exports and imports of pgm, 2000 to 2004
• Table 21: Germany: Exports and imports of pgm, 2000 to 2004
• Table 22: Italy: Exports and imports of pgm, 2000 to 2004
• Table 23: Japan: Exports and imports of pgm, 2000 to 2004
• Table 24: Netherlands: Exports and imports of pgm, 2000 to 2004
• Table 25: Norway: Exports of pgm, 2000 to 2004
• Table 26: Russia: Supply of pgm, 1995 to 2004
• Table 27: Russia: Exports of pgm inferred from import data, 2000 to 2004
• Table 28: Russia: Annual mine production of pgm by producer
• Table 29: Norilsk Nickel, Polar Division: Recovery of pgm in electrolytic slimes and pgm concentrates
• Table 30: South Africa: Production of pgm: 1995 to 2004
• Table 31: South Africa: pgm exports inferred from import data, 2000 to 2004
• Table 32: South Africa: pgm resources by reef
• Table 33: South Africa: pgm mines and mining companies, 2003 and 2004
• Table 34: Anglo Platinum: pgm reserves and resources in South Africa, end of 2004
• Table 35: Anglo Platinum: Operating results for steady-state operations, 2000 to 2005
• Table 36: Anglo Platinum: Amandelbult Section operating results, 2001 to 2005
• Table 37: Anglo Platinum: Rustenburg Section operating results, 2001 to 2005
• Table 38: Anglo Platinum: Rustenburg Section UG2 Project operating results, 2002 to 2004
• Table 39: Anglo Platinum: Union Section operating results, 2001 to 2005
• Table 40: Anglo Platinum: PPRust operating results, 2001 to 2005
• Table 41: Anglo Platinum: Leplats operating results, 2001 to 2005
• Table 42: Anglo Platinum: BRPM operating results, 2001 to 2005
• Table 43: Implats: Impala operating results, 2000 to 2004 (ending June 30th)
• Table 44: Implats: Impala Refining Services production of refined metal, 2000 to 2004 (year ending June 30th)
• Table 45: Lonplats: Operating results, 2000 to 2004 (year ending September 30th)
• Table 46: Northam Platinum: Operating results, 2000 to 2004 (year ending 30th June
• Table 47: ARM Platinum: Modikwa Platinum Mine operating results, 2002 to 2004
• Table 48: Switzerland: Exports and imports of pgm, 2000 to 2004
• Table 49: UK: Exports and imports of pgm, 2000 to 2004
• Table 50: USA: Production, exports, imports and stocks of pgm, 2000 to 2004
• Table 51: Zimbabwe: Output of pgm, 2000 to 2004
• Table 52: Zimplats: Operating results, 2002 to 2005
• Table 53: Mimosa Platinum: Operating results, 2002 to 2004
• Table 54: World: Demand for pgm by metal, 1995 to 2004
• Table 55: World: Use of platinum, palladium and rhodium, 1995 to 2004
• Table 56: World: Demand for platinum, palladium and rhodium by region, 1995 to 2004
• Table 57: World: Demand for platinum, palladium and rhodium by application, 1995 to 2004
• Table 58: World: Demand for ruthenium and iridium by application, 1995 to 2004
• Table 59: Europe: Demand for platinum, palladium and rhodium by application, 1995 to 2004
• Table 60: North America: Demand for platinum, palladium and rhodium, 1995 to 2004
• Table 61: Japan: Demand for platinum, palladium and rhodium, 1995 to 2004
• Table 62: Rest of the world: Demand for platinum and palladium, 1995 to 2004
• Table 63: World: Forecast demand for platinum and palladium by application in 2010
• Table 64: World: Demand for platinum, palladium and rhodium in autocatalysts by region, 1995 to 2004
• Table 65: World: Production of passenger cars by country, 1997 to 2003
• Table 66: World: Production of light commercial vehicles by country, 1997 to 2003
• Table 67: World: Production of heavy-duty vehicles by country, 1997 to 2003
• Table 68: World: Production of buses by country, 1997 to 2003
• Table 69: European Union: Stage I to IV exhaust emission standards
• Table 70: Japan: Production and shipments of automobile catalysts, 1990 to 2004
• Table 71: World: Demand for platinum and palladium in jewellery by region, 1995 to 2004
• Table 72: Common platinum and palladium jewellery alloys
• Table 73: World: Demand for pgm in electronics and electrics by region, 1995 to 2004
• Table 74: World: Demand for palladium in dental alloys by region, 1995 to 2004
• Table 75: World: Demand for pgm in chemical applications by region, 1995 to 2004
• Table 76: Principal industrial chemical processes using pgm catalysts
• Table 77: World: Demand for platinum and rhodium in glass making equipment by region, 1995 to 2004
• Table 78: Japan: Production of televisions and television screens, 2003 to 2005
• Table 79: World: Demand for platinum in the petroleum industry by region, 1995 to 2004
• Table 80: World: Demand for platinum as an investment by region, 1995 to 2004
• Table 81: Examples of pgm coins
• Table 82: World: Demand for pgm in minor uses by region, 1995 to 2004
• Table 83: Reporting countries: International trade in pgm, 2002 to 2004
• Table 84: Reporting countries: Exports of unwrought platinum by country of destination, 2002
• Table 85: Reporting countries: Exports of unwrought platinum by country of destination, 2003
• Table 86: Reporting countries: Exports of unwrought platinum by country of destination, 2004
• Table 87: Reporting countries: Imports of unwrought platinum by country of origin, 2002
• Table 88: Reporting countries: Imports of unwrought platinum by country of origin, 2003
• Table 89: Reporting countries: Imports of unwrought platinum by country of origin, 2004
• Table 90: Reporting countries: Exports of semi manufactured platinum by country of destination, 2002
• Table 91: Reporting countries: Exports of semi manufactured platinum by country of destination, 2003
• Table 92: Reporting countries: Exports of semi manufactured platinum by country of destination, 2004
• Table 93: Reporting countries: Imports of semi manufactured platinum by country of origin, 2002
• Table 94: Reporting countries: Imports of semi manufactured platinum by country of origin, 2003
• Table 95: Reporting countries: Imports of semi manufactured platinum by country of origin, 2004
• Table 96: Reporting countries: Exports of unwrought palladium by country of destination, 2002
• Table 97: Reporting countries: Exports of unwrought palladium by country of destination, 2003
• Table 98: Reporting countries: Exports of unwrought palladium by country of destination, 2004
• Table 99: Reporting countries: Imports of unwrought palladium by country of origin, 2002
• Table 100: Reporting countries: Imports of unwrought palladium by country of origin, 2003
• Table 101: Reporting countries: Imports of unwrought palladium by country of origin, 2004
• Table 102: Reporting countries: Exports of semi manufactured palladium by country of destination, 2002
• Table 103: Reporting countries: Exports of semi manufactured palladium by country of destination, 2003
• Table 104: Reporting countries: Exports of semi manufactured palladium by country of destination, 2004
• Table 105: Reporting countries: Imports of semi manufactured palladium by country of origin, 2002
• Table 106: Reporting countries: Imports of semi manufactured palladium by country of origin, 2003
• Table 107: Reporting countries: Imports of semi manufactured palladium by country of origin, 2004
• Table 108: Reporting countries: Exports of unwrought rhodium by country of destination, 2002 to 2004
• Table 109: Reporting countries: Imports of unwrought rhodium by country of origin, 2002 to 2004
• Table 110: Reporting countries: Imports of unwrought ruthenium, iridium and osmium by country of origin, 2002 to 2004
• Table 111: Reporting countries: Imports of semi manufactured ruthenium, iridium and osmium, 2002 to 2004
• Table 112: Tocom and Nymex: Trading volumes of platinum and palladium, 1990 to 2005
• Table 113: Annual New York dealer prices for platinum and palladium,1970 to June 2005
• Table 114: Monthly average New York dealer prices for platinum and palladium,1996 to June 2005
• Table 115: Annual New York dealer prices for rhodium, 1972 to June 2005
• Table 116: Monthly average New York dealer prices for rhodium, 1996 to June 2005
• Table 117: Spot prices for ruthenium and iridium, 2000 to 2004

List of Figures

• Figure 1: World: Supply of platinum and palladium, 1990 to 2004
• Figure 2: World: pgm resources by country
• Figure 3: Anglo Platinum: Division of pgm production cash costs, 2004
• Figure 4: World: Supply of pgm, 1990 to 2004
• Figure 5: World: Division of supply of pgm into major metals, 1990 to 2004
• Figure 6: World: Main sources of platinum, palladium and rhodium, 2004
• Figure 7: World: Division of supply of primary platinum by country, 2004
• Figure 8: World: Division of supply of palladium by country, 2004
• Figure 9: World: Division of supply of primary rhodium by country, 2004
• Figure 10: World: Recovery of pgm from autocatalysts, 1995 to 2004
• Figure 11: World: Comparison of platinum supply and demand data, 1995 to 2004
• Figure 12: World: Comparison of palladium supply and demand data, 1995 to 2004
• Figure 13: Platinum and palladium production by company, 2004
• Figure 14: Division of platinum and palladium production by company, 2004
• Figure 15: Russia: Supply of platinum, palladium and rhodium, 1995 to 2004
• Figure 16: Norilsk Nickel, Polar Division: Approximate division of pgm output by mine
• Figure 17: South Africa: Production of platinum, palladium and rhodium, 1995 to 2004
• Figure 18: South Africa: Division of pgm production by company, 2004
• Figure 19: World: Indices of demand for pgm, 1990 to 2004
• Figure 20: World: Demand for platinum, palladium and rhodium, 1990 to 2004
• Figure 21: World: Demand for platinum, palladium and rhodium by region, 1990 to 2004
• Figure 22: World: Demand for platinum, palladium and rhodium by application, 1990 to 2004
• Figure 23: World: Division of demand for platinum, palladium and rhodium by application, 2004
• Figure 24: Europe: Demand for platinum and palladium by application, 1995 to 2004
• Figure 25: North America: Demand for platinum and palladium by application, 1995 to 2004
• Figure 26: Japan: Demand for platinum and palladium by application, 1995 to 2004
• Figure 27: Rest of the world: Demand for platinum and palladium by application, 1995 to 2004
• Figure 28: World: Demand for platinum, palladium and rhodium in autocatalysts by region, 1995 to 2004
• Figure 29: Comparison of platinum and palladium demand in autocatalysts with prices, 1995 to 2004
• Figure 30: World: Division of production of light vehicles by region, 2003
• Figure 31: World: Recovery of pgm from autocatalysts, 1995 to 2004
• Figure 32: World: Demand for platinum and palladium in jewellery by region, 1995 to 2004
• Figure 33: World: Demand for platinum and palladium in electrics and electronics by region, 1995 to 2004
• Figure 34: World: Production of MLCC by electrode type, 1996 to 2004
• Figure 35: World: Production of crude steel by region, 1992 to 2004
• Figure 36: World: Demand for palladium in dental alloys by region, 1995 to 2004
• Figure 37: World: Demand for platinum and palladium by region in chemical applications, 1995 to 2004 (t)
• Figure 38: World: Demand for platinum in glass making equipment by region, 1995 to 2004
• Figure 39: World: Demand for platinum in petroleum refining by region, 1995 to 2004
• Figure 40: World: Demand for platinum as an investment by region, 1995 to 2004
• Figure 41: Exports of unwrought platinum by principal countries, 2000 to 2004
• Figure 42: Imports of unwrought platinum by principal countries, 2000 to 2004
• Figure 43: Exports of semi manufactured platinum by principal countries, 2000 to 2004
• Figure 44: Imports of semi manufactured platinum by principal countries, 2000 to 2004
• Figure 45: Exports of unwrought palladium by principal countries, 2000 to 2004
• Figure 46: Imports of unwrought palladium by principal countries, 2000 to 2004
• Figure 47: Exports of semi manufactured palladium by principal countries, 2000 to 2004
• Figure 48: Imports of semi manufactured palladium by principal importing countries, 2000 to 2004
• Figure 49: Trading volumes of platinum and palladium on Tocom and Nymex, 1975 to 2004
• Figure 50: Annual average New York dealer platinum and palladium prices, 1970 to 2005
• Figure 51: Annual New York dealer rhodium prices, 1972 to 2005