{
  "report_id": "theme_precious_metals_node_pgm_supply_recycling_and_autocatalyst_demand",
  "report_type": "theme_value_chain_node",
  "site_path": "themes/precious-metals/nodes/pgm-supply-recycling-and-autocatalyst-demand/index.html",
  "title": "PGM Supply Recycling And Autocatalyst Demand",
  "ticker_basket": [
    "SBSW",
    "IMPUY",
    "ANGPY",
    "JMPLY",
    "PPLT",
    "PALL",
    "UMICY"
  ],
  "as_of": "2026-06-23",
  "generated_at": "2026-06-23T00:00:00-07:00",
  "freshness": {
    "price_data_as_of": null,
    "knowledge_reviewed_as_of": "2026-06-23",
    "local_discovery_reviewed_as_of": "2026-06-23",
    "chart_interval": null,
    "local_api_required": false,
    "limitations": [
      "No ranked ticker has verified local daily_ohlc or instrument coverage, so the page is source-only and does not enable selected-security chart behavior.",
      "No ranked ticker has a filed canonical security lane in the local knowledge workspace.",
      "SBSW, IMPUY, ANGPY, and JMPLY need current filed company reports before production, cost, recycling, refining, catalyst, segment, reserve, or margin fields are used.",
      "PPLT and PALL need current issuer or SEC source routes before fee, custody, NAV, bullion, premium, discount, or spread fields are used.",
      "UMICY needs current official Catalysis, Recycling, and PGM exposure evidence before it can move above source-only watch status."
    ]
  },
  "revision": {
    "version": 1,
    "updated_label": "Initial source-routed PGM supply, recycling, and autocatalyst demand node with 15-primary subagent tournament merge",
    "metadata_path": "themes/precious-metals/nodes/pgm-supply-recycling-and-autocatalyst-demand/report.json",
    "curation_source": "reports-value-chain-node-pages skill, 15 primary subagent ranking passes, one merge/select tournament, local knowledge lane checks, official source routes, and read-only discovery coverage checks"
  },
  "node": {
    "slug": "pgm-supply-recycling-and-autocatalyst-demand",
    "order": 6,
    "level": "L3 industrial precious-metal monitor route",
    "role": "Routes platinum, palladium, rhodium, autocatalyst demand, South Africa and Russia supply, recycling, and substitution into the precious-metals map.",
    "description": "PGM exposure depends on mine supply, autocatalyst demand, internal-combustion and hybrid vehicle production, emissions rules, recycling, substitution between palladium and platinum, South Africa operating conditions, Russian supply availability, industrial use, jewelry, electronics, and source-backed hydrogen or fuel-cell evidence."
  },
  "ticker_baskets": {
    "ranked": [
      "SBSW",
      "IMPUY",
      "ANGPY",
      "JMPLY",
      "PPLT",
      "PALL",
      "UMICY"
    ],
    "api_backed": [],
    "source_only": [
      "SBSW",
      "IMPUY",
      "ANGPY",
      "JMPLY",
      "PPLT",
      "PALL",
      "UMICY"
    ],
    "source_only_company": [
      "SBSW",
      "IMPUY",
      "ANGPY"
    ],
    "source_only_process": [
      "JMPLY",
      "UMICY"
    ],
    "source_only_wrapper": [
      "PPLT",
      "PALL"
    ],
    "deferred_depth": [
      "ANGPY",
      "UMICY"
    ],
    "excluded_or_deferred": [],
    "missing_local_api": [
      "SBSW",
      "IMPUY",
      "ANGPY",
      "JMPLY",
      "PPLT",
      "PALL",
      "UMICY"
    ],
    "missing_canonical_lanes": [
      "SBSW",
      "IMPUY",
      "ANGPY",
      "JMPLY",
      "PPLT",
      "PALL",
      "UMICY"
    ],
    "subscription_expansion_candidates": {
      "high_priority": [
        "SBSW",
        "IMPUY",
        "ANGPY",
        "JMPLY"
      ],
      "secondary": [
        "PPLT",
        "PALL",
        "UMICY"
      ]
    }
  },
  "ranking_basis": [
    {
      "rank": 1,
      "ticker": "SBSW",
      "treatment": "source-only company",
      "why": "Best full-node fit because it combines mined PGM exposure with explicit autocatalyst recycling routes.",
      "confirming_evidence_needed": "Current official production, realized PGM basket price, AISC or cost, capex, power, labor, recycling feed, segment profit, safety, and balance-sheet evidence.",
      "weakening_evidence_or_gap": "Missing local API coverage, missing canonical lane, and source-needed segment split between PGM mining, gold, recycling, battery-metal, and other exposures."
    },
    {
      "rank": 2,
      "ticker": "IMPUY",
      "treatment": "source-only company",
      "why": "High-purity integrated PGM producer and refiner with official company and ADR source routes.",
      "confirming_evidence_needed": "Current production, cost, processing, refining-services, capex, power, labor, FX, liquidity, and metal mix evidence.",
      "weakening_evidence_or_gap": "Missing local OTC coverage, missing canonical lane, and source-needed split across operations, refining services, geography, and by-products."
    },
    {
      "rank": 3,
      "ticker": "ANGPY",
      "treatment": "source-only company",
      "why": "Focused Valterra or former Anglo American Platinum route for primary PGM mining, processing, refining, sales, and market development.",
      "confirming_evidence_needed": "Ticker-transition evidence, current mine and processing data, cost evidence, capex, energy, labor, PGM basket realization, and balance-sheet disclosure.",
      "weakening_evidence_or_gap": "Missing local OTC coverage, missing canonical lane, and ticker-transition routing that must stay explicit before detailed use."
    },
    {
      "rank": 4,
      "ticker": "JMPLY",
      "treatment": "source-only process",
      "why": "Best process-side monitor for autocatalysts, PGM refining, recycling, and PGM circularity.",
      "confirming_evidence_needed": "Current Clean Air, PGM Services, recycling, hydrogen, working-capital, and segment-margin evidence.",
      "weakening_evidence_or_gap": "Broader company mix can dilute pure PGM exposure, and metal-price moves may pass through working capital rather than become shareholder economics."
    },
    {
      "rank": 5,
      "ticker": "PPLT",
      "treatment": "source-only wrapper",
      "why": "Physical platinum price reference for platinum supply, substitution, industrial, jewelry, and hydrogen evidence.",
      "confirming_evidence_needed": "Current issuer or SEC evidence for trust assets, custody, fee, NAV, creation or redemption mechanics, bullion source trail, premium, discount, liquidity, and spread.",
      "weakening_evidence_or_gap": "No mine, refining, recycling, catalyst, or cost economics; missing local API coverage and missing canonical lane."
    },
    {
      "rank": 6,
      "ticker": "PALL",
      "treatment": "source-only wrapper",
      "why": "Physical palladium price reference for gasoline autocatalyst demand, Russian supply availability, substitution, and BEV mix.",
      "confirming_evidence_needed": "Current issuer or SEC evidence for trust assets, custody, fee, NAV, creation or redemption mechanics, bullion source trail, premium, discount, liquidity, and spread.",
      "weakening_evidence_or_gap": "Narrower demand path than platinum and no operating conversion evidence; missing local API coverage and missing canonical lane."
    },
    {
      "rank": 7,
      "ticker": "UMICY",
      "treatment": "source-only watch",
      "why": "Catalysis and recycling watchlist name that belongs in the node despite missing filed support.",
      "confirming_evidence_needed": "Current official Catalysis, Recycling, PGM exposure, spent-catalyst recovery, refining, and margin evidence.",
      "weakening_evidence_or_gap": "Source-needed segment evidence, missing local OTC coverage, missing canonical lane, and uncertain materiality of PGM exposure to reported margins."
    }
  ],
  "chart_artifacts": [],
  "chart": {
    "enabled": false,
    "reason": "No ranked ticker has verified local daily_ohlc or instrument coverage.",
    "future_chart_order": [
      "SBSW",
      "IMPUY",
      "ANGPY",
      "JMPLY",
      "PPLT",
      "PALL",
      "UMICY"
    ],
    "future_api_route_template": "/api/securities/{ticker}/chart?frequency=weekly&window=3y&as_of=latest",
    "required_future_inputs": [
      "daily_ohlc rows",
      "instrument rows",
      "daily_ohlc lineage",
      "weekly OHLC aggregation",
      "20-week EMA",
      "100-week EMA",
      "volume subgraph",
      "ticker mapping for OTC and ADR instruments"
    ]
  },
  "links_out": [
    "theme_precious_metals",
    "themes_index",
    "sector_materials",
    "theme_energy_input_cost_pass_through",
    "theme_trade_tariff_sourcing_geography"
  ],
  "knowledge_sources": [
    "../../../../../knowledge/wiki/lanes/sector/materials.md",
    "../../../../../knowledge/wiki/concepts/themes/energy-input-cost-pass-through.md",
    "../../../../../knowledge/wiki/concepts/themes/trade-tariff-sourcing-geography.md"
  ],
  "discovery_sources": [
    {
      "kind": "discovery_cli_status",
      "label": "PGM universe status checks",
      "query_ref": "discovery:status:PPLT|PALL|SBSW|IMPUY|ANGPY|JMPLY|UMICY:no_instrument_records:no_daily_ohlc_rows:2026-06-23"
    },
    {
      "kind": "duckdb_readonly",
      "label": "PGM daily OHLC aggregate",
      "query_ref": "discovery:duckdb_readonly:daily_ohlc:PPLT|PALL|SBSW|IMPUY|ANGPY|JMPLY|UMICY:0_rows:2026-06-23"
    },
    {
      "kind": "duckdb_readonly",
      "label": "PGM instrument aggregate",
      "query_ref": "discovery:duckdb_readonly:instruments:PPLT|PALL|SBSW|IMPUY|ANGPY|JMPLY|UMICY:0_rows:2026-06-23"
    }
  ],
  "external_sources": [
    {
      "kind": "official_company_page",
      "label": "Sibanye Stillwater SA PGM operations",
      "url": "https://www.sibanyestillwater.com/business/southern-africa/pgm-operations/",
      "use": "Official route for South African PGM operations before production, mine, or reserve fields are used."
    },
    {
      "kind": "official_company_page",
      "label": "Sibanye Stillwater autocatalyst recycling",
      "url": "https://www.sibanyestillwater.com/business/recycling/capabilities/auto-catalyst-recycling/",
      "use": "Official route for the recycling and spent autocatalyst exposure in SBSW."
    },
    {
      "kind": "official_company_page",
      "label": "Implats at a glance",
      "url": "https://www.implats.co.za/implats-at-a-glance.php",
      "use": "Official route for integrated PGM operations and refining context before IMPUY fields are used."
    },
    {
      "kind": "official_company_page",
      "label": "Implats ADR holders",
      "url": "https://www.implats.co.za/adr-holders.php",
      "use": "Official route for ADR treatment and ticker validation."
    },
    {
      "kind": "official_company_page",
      "label": "Valterra Platinum",
      "url": "https://www.valterraplatinum.com/",
      "use": "Official route for the former Anglo American Platinum PGM operating company before ANGPY fields are used."
    },
    {
      "kind": "official_company_page",
      "label": "Valterra shareholder information",
      "url": "https://www.valterraplatinum.com/investor-centre/shareholder-information/",
      "use": "Official route for shareholder and ticker-transition validation."
    },
    {
      "kind": "official_company_page",
      "label": "Johnson Matthey mobile emissions",
      "url": "https://matthey.com/products-and-markets/transport/mobile-emissions-control",
      "use": "Official route for autocatalyst and emissions-control exposure."
    },
    {
      "kind": "official_company_page",
      "label": "Johnson Matthey PGM refining and recycling",
      "url": "https://matthey.com/products-and-markets/pgms-and-circularity/pgm-refining-and-recycling",
      "use": "Official route for PGM circularity, refining, and recycling exposure."
    },
    {
      "kind": "official_issuer_page",
      "label": "abrdn investor products",
      "url": "https://www.aberdeeninvestments.com/en-us/investor",
      "use": "Official issuer route for PPLT and PALL wrapper source checks."
    },
    {
      "kind": "regulatory_source",
      "label": "SEC filings route for PPLT",
      "url": "https://www.sec.gov/edgar/browse/?CIK=1460235",
      "use": "Regulatory route for PPLT filings before wrapper mechanics or numeric fields are used."
    },
    {
      "kind": "regulatory_source",
      "label": "SEC filings route for PALL",
      "url": "https://www.sec.gov/edgar/browse/?CIK=1459862",
      "use": "Regulatory route for PALL filings before wrapper mechanics or numeric fields are used."
    },
    {
      "kind": "industry_source",
      "label": "WPIC Platinum Quarterly",
      "url": "https://platinuminvestment.com/supply-and-demand/platinum-quarterly",
      "use": "Industry route for platinum supply, demand, substitution, industrial, jewelry, investment, and hydrogen context."
    },
    {
      "kind": "industry_source",
      "label": "Johnson Matthey PGM markets",
      "url": "https://matthey.com/products-and-markets/pgms-and-circularity/pgm-markets",
      "use": "Industry route for PGM market context before demand, recycling, or substitution details are used."
    },
    {
      "kind": "government_source",
      "label": "USGS PGM statistics and information",
      "url": "https://www.usgs.gov/centers/national-minerals-information-center/platinum-group-metals-statistics-and-information",
      "use": "Government route for mined supply and commodity summary context."
    },
    {
      "kind": "regulatory_source",
      "label": "EPA model-year 2027 and later emissions rule",
      "url": "https://www.epa.gov/regulations-emissions-vehicles-and-engines/final-rule-multi-pollutant-emissions-standards-model",
      "use": "Official emissions-rule route for US vehicle regulation context."
    },
    {
      "kind": "regulatory_source",
      "label": "Euro 7 Council adoption source",
      "url": "https://www.consilium.europa.eu/en/press/press-releases/2024/04/12/euro-7-council-adopts-new-rules-on-emission-limits-for-cars-vans-and-trucks/",
      "use": "Official Europe emissions-rule route before Euro 7 claims are used."
    }
  ],
  "source_requirements": {
    "source_needed_before_numeric_fields": [
      "Company annual reports, 20-F filings, MD&A, reserve or resource statements, or investor presentations for SBSW, IMPUY, ANGPY, JMPLY, and UMICY",
      "Issuer product pages, prospectuses, annual reports, or SEC filings for PPLT and PALL",
      "WPIC, Johnson Matthey, USGS, EPA, EU, or other official routes for mined supply, Russian availability, autocatalyst demand, recycling flow, emissions regulation, substitution, and hydrogen or fuel-cell evidence"
    ],
    "missing_canonical_lane_requirements": [
      "SBSW",
      "IMPUY",
      "ANGPY",
      "JMPLY",
      "PPLT",
      "PALL",
      "UMICY"
    ],
    "missing_local_api_requirements": [
      "Add instruments and daily_ohlc lineage before enabling selected-security chart behavior.",
      "Verify OTC and ADR ticker mapping before backfilling IMPUY, ANGPY, JMPLY, and UMICY.",
      "Keep future chart order aligned to the ranked basket unless the source ranking changes."
    ]
  }
}