Key Highlights

● Palladium settled up 0.89% to $1,114 an ounce on 16 October 2026, part of a volatile multi-week range.

● Hybrid vehicle demand offers a partial offset to falling catalytic-converter demand from EV adoption.

● Sibanye-Stillwater's (NYSE:SBSW) Stillwater Complex in Montana remains the sole primary US PGM producer.

Palladium settled at $1,114 an ounce on 16 October 2026, up 0.89% on the day, as the metal continues to trade in a volatile band amid weak investment demand and structurally lower catalytic-converter use as electric vehicle adoption expands. Hybrid vehicles, which still require catalytic converters even as they reduce overall emissions, have offered a partial cushion against the broader demand decline, though they haven't been enough to offset the multi-year downtrend from palladium's 2022 highs.

A Constrained but Pressured Supply Side

Supply remains constrained by high operating costs, power instability affecting South African producers, and ongoing trade friction around Russian output, yet those constraints have not been enough to lift prices meaningfully, suggesting demand and investment flows are currently the stronger factor weighing on the market.

Montana's Role in the US Market

Sibanye-Stillwater (NYSE:SBSW) operates the Stillwater Complex in Montana, the only primary palladium and platinum mining operation in the United States, giving it a distinct position relative to South African and Russian producers as US trade policy on palladium imports continues to evolve.