- Palladium price stands at $1,498.36 per troy ounce on the SMM China-domestic benchmark
- Imported palladium trades at a premium, $1,558.38 per troy ounce
- Both SMM benchmarks rise a consistent 7-8% this cycle
- Autocatalyst demand still consumes more than half of annual supply
- Russia and South Africa together account for 70-80% of mine output
- Weight and currency conversion tables included for procurement teams
Last Updated: 4 September 2026
The palladium price stands at $1,498.36 per troy ounce on the SMM China-domestic benchmark as of 4 September 2026, up from $1,398.86/oz in August — a rise of roughly 7.1%. This page now tracks SMM’s China-domestic and imported palladium benchmarks as its primary references; a Trading Economics/NYMEX-derived figure used in prior cycles was not refreshed this month and has been left out rather than carried forward.
Current Palladium Price
The table below shows current SMM (Shanghai Metals Market) domestic and imported palladium benchmarks. Palladium futures are also traded in standard contracts of 100 troy ounces on the London Platinum and Palladium Market (LPPM) and the New York Mercantile Exchange (NYMEX), though that international benchmark was not refreshed this cycle.
| Benchmark | Price (USD/troy oz) | Change (month) | Date |
|---|---|---|---|
| SMM China Palladium (domestic) | $1,498.36 | +7.1% | 4 Sep 2026 |
| Palladium (Imported) | $1,558.38 | +7.7% | 4 Sep 2026 |
Both SMM lines rose by a broadly consistent 7-8% this cycle, maintaining the domestic-China discount to imported material seen in prior updates. The spread between domestic and imported figures reflects VAT treatment, import logistics, and local market structure; the two benchmarks serve different buyer bases and should not be blended into a single number.
Palladium Price Per Gram, Per Ounce and Per Pound
The table below converts the current SMM domestic benchmark from the standard per-troy-ounce reading into the units most commonly used by smaller buyers, electronics manufacturers, and industrial procurement teams.
| Unit | Palladium Price (USD) | Notes |
|---|---|---|
| Per troy ounce | $1,498.36 | SMM China-domestic benchmark, Sep 2026 |
| Per kilogram | $48,173.35 | Calculated: troy oz ÷ 0.0311035 |
| Per gram | $48.17 | Calculated from per-kg rate |
| Per pound (lb) | $21,851.05 | 1 lb = 453.6g |
Prices are indicative and updated monthly. For contract pricing, consult the LPPM or SMM directly.
Palladium Price History
The palladium price reached an all-time high of $2,981.40 per troy ounce on 3 May 2021, driven by acute supply constraints stemming from Russian export delays and surging automotive catalytic converter demand during the post-pandemic vehicle production recovery. The price then declined sharply over the following years as the Russian supply situation stabilised and the long-term demand outlook for autocatalysts weakened alongside accelerating EV penetration. This cycle’s SMM domestic reading of $1,498.36/oz remains well below that 2021 peak, consistent with the metal’s structurally lower post-boom trading range.
A notable episode in palladium price history occurred in January 2001, when Russian export delays created a market panic that drove prices to a then-record $1,340 per troy ounce — prompting Ford Motor Company to stockpile the metal. When prices subsequently fell, Ford lost nearly $1 billion on those holdings. The episode illustrates the acute sensitivity of the palladium price to Russian supply availability, a dynamic that has continued to influence the market through sanctions-related uncertainty in 2022–2026.
Palladium Price in USD, EUR, GBP and Other Currencies
Critical minerals prices are benchmarked in USD, but palladium is sourced, processed, and consumed across multiple currency zones. Russian producers operate in RUB; European automotive OEMs procure in EUR; Japanese electronics manufacturers transact in JPY. The table below converts the current SMM domestic benchmark into the six currencies most relevant to CMN’s readership, using mid-market exchange rates.
| Currency | Palladium Price (per troy oz) | Exchange Rate (vs USD) |
|---|---|---|
| USD (benchmark) | $1,498.36 | — |
| EUR | €1,289.97 | 1 USD = 0.86092 EUR |
| GBP | £1,108.56 | 1 USD = 0.73985 GBP |
| JPY | ¥234,089 | 1 USD = 156.23 JPY |
| CNY | ¥10,058.49 | 1 USD = 6.713 CNY |
| AUD | A$2,079.87 | 1 USD = 1.3881 AUD |
Exchange rates: XE.com, September 2026. CNY figures reflect the USD/CNY mid-market rate and may differ from the native SMM RMB quote, which incorporates VAT.
What Drives the Palladium Price?
The palladium price is shaped by a small number of dominant variables that differ in important ways from broader commodity markets.
Autocatalyst Demand
More than half of annual palladium supply is consumed by catalytic converters for petrol and hybrid internal combustion engine vehicles. Catalytic converters convert up to 90% of harmful exhaust gases — including hydrocarbons, carbon monoxide, and nitrogen dioxide — into less harmful substances. This single end-use dominance makes the palladium price acutely sensitive to global light vehicle production volumes and, critically, to the pace of the transition from internal combustion engines to battery electric vehicles. As BEV penetration increases, baseline autocatalyst demand faces structural erosion — a key reason the palladium price remains well below its 2021 highs even as SMM’s domestic benchmark firms this cycle.
Supply Concentration
Russia and South Africa together account for 70–80% of global palladium mine output, according to USGS. Russia’s Norilsk Nickel is the single largest producer, responsible for approximately 39–44% of world supply. South African production comes primarily from the Bushveld Igneous Complex via Anglo American Platinum, Impala Platinum, Sibanye-Stillwater, and Northam Platinum. The extreme geographic concentration of supply — in two jurisdictions with distinct geopolitical risk profiles — is a persistent volatility driver for the palladium price. Russian sanctions uncertainty has been a recurring market concern since 2022.
Platinum-for-Palladium Substitution
Automotive manufacturers have the technical capability to substitute platinum for palladium in petrol catalytic converters, and vice versa, though the process requires re-engineering catalyst formulations and is not immediate. This cycle’s SMM China Platinum reading of $2,029.36/oz sits well above palladium’s $1,498.36/oz domestic figure, maintaining a substitution incentive toward palladium in cost-sensitive catalyst design.
Electronics and Industrial Demand
Beyond autocatalysts, palladium is used in multi-layer ceramic capacitors (MLCCs) for consumer electronics, hydrogen purification membranes, dental alloys, and fine chemical synthesis catalysts. These diversified industrial applications provide a demand floor independent of automotive volumes, though they represent a smaller share of the market than autocatalysts.
Recycling Supply
Palladium is recovered at meaningful scale from scrapped catalytic converters, providing a secondary supply stream that can expand when prices are high. Recycling volumes are closely tied to the age profile of the global vehicle fleet and scrappage rates — older vehicles reaching end-of-life produce more available palladium for recovery. This recycling dynamic acts as a partial price ceiling, since higher prices incentivise greater recovery effort.
Palladium Market Outlook
The medium-term outlook for the palladium price is more contested than for most critical minerals. The core tension is straightforward: near-term supply remains tied to geopolitically sensitive jurisdictions, while long-term demand faces a structural ceiling as battery electric vehicles displace internal combustion engines across major automotive markets. This cycle’s rise in both SMM domestic and imported benchmarks is consistent with firming near-term sentiment, though a single month’s data isn’t sufficient to confirm a durable trend shift.
Hybrid vehicle growth — which sustains autocatalyst demand — provided more support than many analysts anticipated through 2025 and into mid-2026. Pure BEV penetration has been slower than some projections in key markets including the US, Germany, and China, extending the demand runway for palladium-containing catalysts. However, Chinese EV adoption has accelerated significantly, and China represents the world’s largest automotive market — a factor that will remain relevant even as near-term pricing firms.
Norilsk Nickel’s production guidance and any developments affecting Russian palladium export availability remain the most significant near-term price catalysts. A material disruption to Russian supply — whether through sanctions escalation or operational issues — could reprice palladium sharply, as demonstrated in 2021–2022.
For broader context on platinum group metals supply chains and their role in automotive and defence applications, see CMN’s coverage in the Supply Chain section.
This article is for informational purposes only and does not constitute investment advice. Prices are subject to change without notice.
What is the current palladium price?
As of 16 June 2026, the palladium price is $1,368.50 per troy ounce on the international OTC/NYMEX market, according to Trading Economics. The Shanghai Metals Market quotes the China domestic palladium ingot (imported) price at $1,309.83 per troy ounce, with 13% VAT deducted. See the price tables above for the latest figures, which are updated monthly.
What is the palladium price per gram?
Based on a spot price of $1,368.50 per troy ounce, the palladium price per gram works out to approximately $44.03. The SMM domestic Chinese market separately quotes palladium ingot at $1,309.83 per troy ounce, which reflects VAT treatment, import logistics, and local market conditions and is not directly comparable to the international benchmark.
Why has the palladium price fallen from its highs?
The palladium price reached an all-time high of $2,981.40 per troy ounce in May 2021, driven by Russian supply disruptions and surging post-pandemic automotive demand. Prices have since declined by more than half, reflecting stabilised Russian supply, above-ground stock drawdowns, and growing long-term demand uncertainty as battery electric vehicle adoption displaces internal combustion engine vehicles and reduces baseline autocatalyst demand. Despite the decline from peak, palladium remains approximately 31% higher year-on-year as of June 2026.
Who produces the most palladium?
Russia and South Africa together account for 70–80% of global palladium mine production. Russia’s Norilsk Nickel is the single largest producer globally, responsible for approximately 39–44% of world output. South African production comes primarily from the Bushveld Igneous Complex, with the major producers including Anglo American Platinum, Impala Platinum, Sibanye-Stillwater, and Northam Platinum. Smaller contributions come from the United States, Canada, and Zimbabwe.
What is palladium used for?
The dominant use of palladium is in catalytic converters for petrol and hybrid internal combustion engine vehicles, which account for more than half of annual demand. Palladium catalysts convert harmful exhaust gases into less harmful substances. Beyond autocatalysts, palladium is used in multi-layer ceramic capacitors for consumer electronics, hydrogen purification membranes, dental alloys, jewellery, and as a catalyst in fine chemical synthesis. It also has a role in photography (platinotype printing) and has been investigated for hydrogen storage applications.
What is the palladium price forecast?
Palladium price forecasts vary significantly depending on assumptions about EV adoption rates, Russian supply availability, and autocatalyst substitution dynamics. Near-term support comes from hybrid vehicle demand and tight mine supply, while the long-term structural outlook is pressured by battery electric vehicle growth displacing catalytic converter demand. These are complex, contested variables — consult the World Platinum Investment Council and Johnson Matthey’s PGM market reports for detailed supply-demand modelling. This page provides current price data; forecasts should be sourced from specialist analysts and do not constitute investment advice.
How does the palladium price compare to platinum?
As of June 2026, palladium trades at approximately $1,368 per troy ounce compared to platinum at approximately $1,809 per troy ounce — meaning palladium is priced at a material discount to platinum. This is a reversal of the relationship that prevailed from roughly 2018 to 2022, when palladium commanded a significant premium to platinum. The current discount partly reflects palladium’s more challenging long-term demand outlook relative to platinum, which benefits from hydrogen economy applications alongside its autocatalyst role.
