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Chinese demand for automotive catalytic converters has pushed up prices. Some 2M new vehicles are put on the road each month in China. From 2011, the vehicles will have to be equipped with a catalytic converter. Around half of palladium production comes from Russia. In the past, Norilsk Nickel has regularly released stocks from the former USSR. However, the firm says this will not continue. Norilsk Nickel is expecting a deficit of 1M ounces in 2010. Palladium prices rose sharply at the start of 2010. According to an analyst at UniCredit, prices could rise to $700-800/ounce if Russian stocks are effectively depleted. The stock levels held by the Russian government remain unknown.
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