fair value 1.90, page-4

US has (at least officially) had no trade with Russia and imposed 500% tariffs on any company who is buying products from Russia

Russia is the largest producer of Palladium and at the bottom of the cost curve

US has imposed 30% tariffs on South Africa

South Africa is in the top quartile of the cost curve and the second largest exporter of Palladium

If these tariffs stay in place, there's a case to be made for CHN eventually moving significantly further down the cost curve.

It seems unlikely US domestic producers will be able to supply the US auto industry in its entirety on a cost competitive basis.

Short term negative. Medium term increasingly positive on the metal and this companies leverage to it.