PGM Outlook 2022

Our terms of trade was a key positive last year, an important underpin to the rand and remains at elevated levels relative to history which bodes well for the fiscus but is now more than 17% off recent highs. Key export commodities like Iron ore and the PGM’s have rolled over to some extent. Coal thankfully at elevated levels but Transnet woes continue to limit our export capacity.

The question is, what is the outlook for PGMs given this backdrop?

To discuss this Michael Avery is joined by Rene Hochreiter, Mining Analyst at Noah Capital; Dale Hutcheson, PM who co-manages the Absa Prime Equity fund & David Jollie, Head of Sales and Market Insights at Anglo American Platinum