Swiss palladium imports from Russia slumped 64 percent to 184,000 ounces in 2014 from 517,000 ounces in 2013, Barclays said, in line with the bank’s expectations for limited shipments from the world’s largest producer.
“This… supports our view that palladium was in a sizeable deficit last year and will be again in 2015,” it said in a note.
Swiss imports from Russian in December were just 6,700 ounces, the bank said, although there is scope for shipments to pick up over the first quarter of 2015.
“We do not expect a return to elevated shipments from Russia seen over the last decade, and expect the palladium market to remain in a sizeable deficit. We estimate palladium was in deficit to the tune of 1.653 million ounces last year and expect the market to return a deficit to the tune of 558,000 ounces in 2015,” it added.
Switzerland’s total palladium imports for December at 41,000 ounces were more than double the December 2013 total, although full-year imports at 538,000 ounces were down 31 percent year-on-year.
Palladium exports were down 53 percent year-on-year to 51,000 ounces, taking full-year exports to 1.372 million ounces, down 14 percent.
Still, the country remained a net exporter of platinum for the fifth consecutive year. Platinum full-year imports at 680,000 ounces were down 51 percent, while exports were down 41 percent at 1.01 million ounces, Barclays added.
Imports from South Africa fell 234,000 ounces from 602,000 ounces in 2013 due to industrial action there.
(Editing by Mark Shaw)
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