platinum

Platinum Metals Export from Russia Surges in Q1 2020

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    This article uses the data of the SeaNews Russian Foreign Trade Customs Statistics online service available for subscribers.

    According to SeaNews Russian Foreign Trade Customs Statistics online service, the export of platinum group metals from Russia during Q1 2020 amounted to 46.4 tons (+65.7% year-on-year) worth $1.9 bn (+56.8%).

    In Q1 2020, platinum group metals were exported from Russia to 11 countries. The major importers were the USA, the UK, Japan, Germany and Belarus. Almost all shipments were from Moscow and Krasnoyarsk Kray.

    Metals of the platinum group are 6 metal elements: ruthenium, rhodium, palladium, osmium, iridium, and platinum proper. They have similar physical and chemical properties and are usually found in the same deposits. Platinum group metals are precious.

    Platinum group metals are used both separately and in alloys. Platinum metal alloys are harder, stronger and more corrosion resistant than individual metals.

    Platinum and palladium are used in the automotive industry. Due to their unique catalytic properties, these metals are used to purify exhaust gases in automobiles from harmful substances.

    Platinum group metals are used to make details for mechanisms deployed in corrosive environments in various technological devices, reactors, electric heaters, high-temperature furnaces, etc. In electric engineering, they are used to produce contacts with a high degree of reliability. Magnetic alloys of these metals are used in manufacturing small-size electrical appliances. The catalytic properties of some metals of this group allow for their use as catalysts.

    And, of course, platinum and other metals of the platinum group are used in jewelry, and as bank deposits by individuals and companies.

    In Q1 2020, platinum export from Russia surged 3.9-fold up to 22.7 tons in terms of tonnage and declined by 2.6% down to $145.2 mn in monetary terms. The major importing countries were Belarus, Great Britain, Italy, and the USA.

    Palladium export amounted to 22.4 tons (+1.6%) worth $1.6 bn (+62.3%). Significant volumes were exported from Russia to the USA, Great Britain, Germany, Japan, and Switzerland.

    Rhodium export made 1.3 ton (up 3.3-fold) worth $92.7 mn (up 2.6-fold year-on-year). The major importing countries were the USA and Italy.

    Iridium, osmium and ruthenium exports dropped by 92.1% down to 10 kilograms. In monetary terms, the export of these metals decreased by 85% down to $0.3 mn. The largest volumes were designated for Japan, Italy and the UK.  

    Platinum group metals export from Russia to the USA grew by 50% up to 8.7 tons in Q1 2020. In monetary terms it increased 2.2-fold up to $636.7 mn. Moscow was the main exporting region. Most of the shipments to the US were palladium.

    Shipments to the UK amounted to 6.2 tons (-16.2%) worth $352.6 mn (up 27.7%). Most of the shipments were palladium.

    18.6 tons of platinum group metals was exported from Russia to Belarus, up 62-fold year-on-year. Value-wise, export to Belarus made $3.9 mn, up 34.5%. Most of the shipments were platinum from Krasnoyarsk Kray.


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