Platinum & PGMs

sorry if this is obvious but with platinum prices staying weak and load shedding eating into output, how is ssw supposed to compete with someone like impala or northam right now? i get the palladium mix helps but the balance sheet looks stretched to me, 35.88 feels like a value trap unless there's a real recovery in automotive demand soon.

Closed at 179.58 which is still chunky money for a mining stock getting hammered by rand weakness and load-shedding. Problem is palladium's in the toilet and automotive demand never really came back properly. Would need a proper spike in rhodium or a weaker currency to make this interesting again, and neither looks imminent.

Not sure about this one. Platinum prices have been weak, and IMP's all-in sustaining costs are still pretty high relative to where palladium is trading. Do you think the rand weakness helps them enough to offset lower volumes, or are they just treading water until metal prices recover?

Springboks down 20 at halftime, still back it. Same energy needed here.

platinum looking weak across the board but ssw's got those palladium and rhodium sidelines that could pop if auto demand picks up. balance sheet is actually solid compared to peers, generating cash even at these prices. 35.88 is basically a steal if you believe in the cycle turning. holding for the bounce.

I need to flag that the palladium exposure here is looking weak against the automotive cycle, and that's material given how much of the PGM basket depends on convertor demand. At 35.88 the market's priced in a fair bit of pain already, but the operational gearing on load-shedding costs keeps biting harder than most seem to factor. If platinum holds above 900 and they get some relief on power, there's a case here, but that's not where the conversation is heading.