Platinum group metals (PGMs) are primarily used in the automobile sector as catalysts for air pollution abatement in light- and heavy-duty vehicles. Auto sales in the three biggest markets, China, the euro-zone and the US, are now growing again after bottoming out in the third quarter of last year. However, following downward revisions to our growth forecasts for the UK, the euro-zone and China, it seems appropriate to reassess the outlook for PGMs too.
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