NEW YORK (Scrap Register): Palladium prices have moved above those for platinum for the first time since 2001, driven by demand for gasoline-powered vehicles at the same time platinum has fallen alongside gold.

Nevertheless, analysts said that they are looking for platinum to regain the upper hand, at least in the short to medium term. Further, they do not envision any meaningful shift in use of palladium to platinum for automotive catalysts unless palladium was to maintain a premium for at least two years.

As of 10:14 a.m. EDT, spot palladium was trading up 30 cents to $927.30 an ounce. Platinum was down $1.75 to $918.70 an ounce, leaving palladium with a premium of $8.60. By contrast, palladium was around $222 per ounce cheaper than platinum at the end of 2016.

The main industrial use of these sister metals is to scrub emissions from catalytic converters in motor vehicles. Palladium can be used in gasoline-powered cars popular in the world’s two largest auto markets – the U.S. and China. Diesel-powered vehicles, such as those popular in Europe, require platinum.

Diverging demand expectations for platinum group metals are creating a price parity for palladium and platinum not seen since 2001.

Palladium is benefitting from its inclusion in catalytic converters in gasoline-powered vehicles, which is expecting robust growth from the shift from diesel engines following the 2015 Volkswagen emissions-rigging scandal, and hybrid electric vehicle demand.