It was a quiet news day for the platinum group metals. The two fresh, independently verified developments both point the same way: minor PGMs are still running far ahead of the majors on price, even as a major bank turns more cautious on platinum and palladium for the rest of 2026.
Top stories#
Valterra confirms iridium and ruthenium are still outrunning platinum and palladium#
Valterra Platinum's third-quarter production report, published 23 October 2026, showed the gap between minor and major PGM prices widening further. The company's average realized price for iridium was $7,720/oz in the third quarter, up 80% year on year and 8% quarter on quarter, while ruthenium averaged $1,583/oz, up 98% year on year and 7% quarter on quarter. Platinum averaged $1,726/oz in the quarter, up 24% year on year but down 12% from the second quarter, and rhodium averaged $8,438/oz. Valterra said minor PGMs, "particularly iridium and ruthenium, continued to outperform, supported by robust demand from emerging technology applications," even as major PGM prices moderated quarter on quarter on weaker automotive sales. The same report, already covered by DailyPlatinum, showed total PGM production down 6% to 804,300 ounces and refined output down 41% to 576,900 ounces after safety stoppages and re-phased maintenance, with full-year 2026 guidance of 3.0 to 3.4 million ounces left unchanged. The price divergence matters for refiners and recyclers because it changes the value mix recovered from autocatalyst scrap, where iridium and ruthenium content is small but increasingly valuable. See our pages on ruthenium prices, iridium prices and catalytic converter content for background.
HSBC cuts 2026 platinum and palladium price forecasts#
In a research note dated Thursday 22 October, HSBC trimmed its 2026 average price outlook for the two metals, pointing to shifting fundamentals and investor liquidation. The bank now projects platinum will average $1,925/oz and palladium $1,436/oz across 2026, a downgrade from its earlier estimates, according to Reuters. A lower bank forecast does not set the market price, but it signals that at least one major dealer sees less support for platinum and palladium through year-end than it did earlier in 2026. Investors tracking the gap between bank forecasts and trading levels can compare current prices on our platinum price and palladium price pages.
Prices and market context#
Valterra's quarterly average realized prices, disclosed in its 23 October 2026 production report, give the clearest dated snapshot of where the PGM complex stood through the third quarter: platinum $1,726/oz, palladium $1,315/oz, rhodium $8,438/oz, iridium $7,720/oz and ruthenium $1,583/oz, with the blended PGM basket price at $2,383/oz, up 24% year on year in dollar terms. The softer quarter-on-quarter platinum and palladium prices in that report are consistent with HSBC's more cautious 2026 forecast published the day before. Readers can track live levels on our platinum price chart and platinum futures pages.
What to watch#
Investors should watch whether Amandelbult's own-mined output recovers in the fourth quarter, after Valterra said the mine had returned to steady-state production by the end of the third quarter following safety stoppages tied to a July 2026 fatality at its Tumela shaft. The scale of any further widening between iridium and ruthenium prices and the majors is also worth tracking, given the demand Valterra attributed to "emerging technology applications." Finally, watch whether full-year 2026 platinum and palladium prices track toward HSBC's newly lowered $1,925/oz and $1,436/oz average forecasts as the fourth quarter progresses.
Sources: Valterra Platinum, Third Quarter Production Report, 23 October 2026; Reuters via TradingView, HSBC lowers platinum and palladium price forecasts for 2026, 22 October 2026.