MOSCOW, Oct 18 (Reuters) - Russia's Nornickel , theworld's largest palladium producer, said on Monday it had beguna contest for scientists to find new ways to use the metal thathas been hit by a chip shortage in the auto industry, its topconsumer sector.
Global demand for palladium has weakened recently asautomakers, which use the metal in pollution-reducing catalyticconverters, have cut production due to the dearth of chips. "We believe that palladium has huge potential beyondautocatalysts. We see high palladium demand in other globalindustries, including the green economy and decarbonisation,"Anton Berlin, Nornickel's head of sales, said in a statement.
The contest, known as the Palladium Challenge, will grant$350,000 in total to scientists or entrepreneurs able to come upwith a sustainable way to boost demand for palladium, Nornickelsaid.The award will be split between the top three projects inNew York on Sept. 16, 2022, the Russian miner said, adding thatit had partnered with the International Precious MetalsInstitute for the contest. Proposals will be accepted by the endof May.Nornickel, which supplies 44% of global palladium needs,currently expects a deficit in the metal of 0.2 million-0.3million ounces in 2021 and 0.3 million ounces in 2022 amid theproduction cuts by automakers, it said last week.
(Reporting by Anastasia Lyrchikova; writing by Polina Devitt;Editing by Bernadette Baum)