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The supply of palladium mainly consists of mine production and catalyst recovery. Overall, palladium supply was rising as prices rose until 2002. In 2001, after the dot-com bubble burst, palladium prices plunged and supply leveled off. Since 2005, palladium prices have risen and supply has risen steadily, as strong growth in emerging economies, especially China, has led to a booming car industry. Palladium prices have leveled off in recent years on the back of falling mine output.

Depending on the country of supply, palladium comes mainly from Russia, South Africa and North America (mainly Canada). Russia, South Africa and Canada accounted for 41.02%, 38.07% and 13.21% of supply, respectively, according to Johnson matthey. According to the supply situation of mines in various regions in recent years, the output of mines in Russia and South Africa has been flat or declined, while the supply of mines in North America is volatile. Generally speaking, the supply of mines in recent years is relatively stable.

In terms of palladium recovery, it is mainly divided into automobile exhaust catalyst recovery and electronic recovery, and jewelry recovery only accounts for a small part. Both catalyst recovery and electron recovery have increased in recent years, especially catalyst recovery. With the development of economy, the number of cars in the world increases year by year, and the amount of cars scrapped will increase correspondingly, which can boost the output of recycling enterprises. For recyclers, the rising price of palladium has greatly stimulated their willingness to produce because of the relatively stable recovery costs. In recent years, the global strict control of environmental protection policies, the requirements for automotive exhaust catalyst is increasingly high, non-compliant vehicles are also increasing.