宏源期货沪镍日报-20250604

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report comprehensively introduces the basic knowledge, production processes, and costs of palladium, aiming to help investors understand the palladium industry chain and potential trading strategies in the context of the upcoming launch of platinum and palladium futures on the Guangzhou Futures Exchange [6]. - Palladium has unique physical and chemical properties and high catalytic activity, making it widely used in high - tech, automotive, and electronic industries. It is regarded as a strategic metal by many countries [2]. - The production cost of palladium mainly includes mining, refining, and processing costs, and electricity cost is an important factor driving up the production cost in the coming months [2]. 3. Summary According to the Directory 3.1 Palladium Metal Introduction - Palladium is a soft, silvery - white rare precious metal with a density of 12.023 g/cm³, a melting point of 1554 °C, and a boiling point of 2970 °C. It can be separated from the natural alloy of platinum - group metals [7]. - Palladium exists in two main forms: sponge palladium (over 80% production ratio, used in chemical and catalyst manufacturing) and palladium bars (used for storage and physical investment). The conversion cost between them is about $5 per ounce [10]. - According to national standards, palladium ingots and sponge palladium are classified into different grades based on palladium content [14][15]. - Palladium can be divided into pure palladium (purity > 99.95%, used in modern industries) and palladium alloys (made by alloying palladium with other metals, used in jewelry, watches, etc.) [18][19]. 3.2 Palladium Applications - In the automotive field, palladium is mainly used in gasoline - vehicle catalysts, while platinum is used in diesel, hybrid, and hydrogen - fuel vehicles. They complement each other in the catalyst field [23]. - Palladium has various applications in high - tech, chemical, medical, jewelry, and aerospace fields due to its unique properties [27][29]. - Different palladium alloys have different applications. For example, Pd - Au alloys are used in chemical vessels and electrical contacts; Pd - Ag alloys are used in optical instruments and electrical contacts [30]. 3.3 Palladium Production Processes 3.3.1 Mining and Refining of Palladium - The mining and refining of palladium is a long and complex process. It mainly comes from underground mines (400 - 2000 meters deep), and the content of platinum - group metals in ore is only 2 - 6 grams per ton [39]. - The process includes mining (underground or open - pit), concentration by froth flotation, smelting, and purification. After these steps, the concentration of 4E (platinum, palladium, rhodium, and gold) increases from 2 - 6 grams per ton of ore to 5000 grams per ton [40][41]. 3.3.2 Enrichment Methods of Platinum - Group Metals - There are several enrichment methods, including atomization - acid dissolution, alkali fusion - leaching, fragmentation - acid dissolution, oxygen blowing, and electrolysis. Each method has its own advantages and disadvantages [44][45]. 3.3.3 Separation and Purification of Palladium - The separation and purification methods include electrolysis (simple operation, high purity, high energy consumption), chlorination (simple operation, high purity, environmental pollution), and dry - process manufacturing (simple operation, low energy consumption, low purity) [48][52][60]. 3.4 Palladium Extraction from Wastes - There are several methods for extracting palladium from waste palladium catalysts, such as roasting - leaching, ion exchange, and wet - process iron replacement. The optimal conditions for extracting palladium from waste palladium - carbon catalysts are determined, with a palladium recovery rate of up to 97% [62][73]. 3.5 Palladium Production Costs - The production cost of palladium mainly includes mining ($200 - 400 per ounce), refining ($350 - 650 per ounce), and processing ($150 - 250 per ounce) costs. Overall, it is usually about $1000 per ounce [75][78][79]. - In South Africa, the electricity price increase of 12.74% since April this year has led to a 7.2% increase in the production cost of the mining industry in April 2024, with the cost of platinum - group metals rising the most [78].