China’s imports surpassed 75,733 ounces last month, up 186% compared to May.
Palladium prices rose 14% this month from six-month lows beneath $1,764 an ounce hit in June.
Yet, the autocatalyst metal price remains around $1,900 per ounce, 40% below its March record high of $3,165.38.
(Click here for an interactive chart of palladium prices)
Russia accounts for 40% of all mined production of the metal.
The country may choose to limit supply, raising global prices and its export revenues in a bid to counter recent G7 actions, CEO of CelsiusPro Australia Jonathan Barratt told CNBC in early July.
“If she (Russia) wants some reaction and more “tit-for-tat” that’ll probably be where she will do it”, said Barratt.
“The market could see up to a million ounces of palladium switched for platinum,” Amplats finance director Craig Miller told investors on a call.
He told Reuters this level could be reached in four to five years.
(With files from Reuters and Bloomberg)