Platinum prices are little changed this week following the news that wage negotiations broke down between South Africa's second largest union, the National Union of Mineworkers, and the country's largest platinum producers, Anglo American Platinum (Amplats) and Impala Platinum (Implats).
Strikes began at Implats' Impala Refining Services Tuesday, where up to half the workforce downed tools after talks over pay and benefits broke down.
Platinum prices were at around $1,025/oz at 1100 GMT Thursday, down around 2% week on week. Palladium was 3% higher week on week at $705/oz.
The NUM is asking for a 9.5% wage increase from Implats, which has tabled a 7.5% offer. The same union is demanding a 14.5% rise from Amplats, which has offered a 6.75% increase.
The NUM have also demanded an improvement in housing, benefits and medical insurance from both companies.
South Africa is the world's largest producer of platinum, but lost up to 1 million oz of production in 2015 during a five-month strike involving Amplats, Implats and the country's other large producer, Lonmin.
