The Rhodium Market
Rhodium price drivers
An introduction to rhodium
Rhodium is still the most effective catalytic metal to cut NOx emissions and so it remains a key component of three-way catalysts for gasoline vehicles, where demand growth is robust. As a result, rhodium demand is set to increase, whilst a sustained weaker market for platinum could further cut primary rhodium supplies, although more recycling will help to offset some of this shortfall.
Rhodium demand has suffered losses in both gasoline and diesel powertrains. The price spike to over $10,000/oz in 2008 put the metal firmly in the substitution zone. Both platinum and rhodium lost out as lean NOx traps (LNTs), which seemed the preferred emissions aftertreatment choice for Euro 6 prior to 2008, have been partly engineered out through a combination of price volatility and increasingly stringent CO2 targets. Automakers have instead taken well-proven selective catalytic reduction (SCR) technology from heavy-duty vehicles and downsized it for cars. Although expensive and requiring maintenance (urea top-ups), SCRs have less of an impact on fuel efficiency (and so CO2 emissions) compared to LNTs.
Rhodium’s price volatility has led to loadings being cut to the bare minimum, and palladium has replaced some rhodium.
Rhodium price news and insights
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The autocatalyst and it's potted history
10 May 2024 | Daniel Croft
As autocatalyst recycling volumes have suffered a decline, Daniel Croft examines the current state-of-play of autocatalyst recycling, as part of SFA's annual publication The Platinum Standard.
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SFA's expert view on the palladium price spike
18 December 2023 | Dr Ralph Grimble
The palladium price surged last week due to a convergence of positive factors. The Fed acknowledged the peak in US inflation during its press conference, leading to a more dovish outlook for interest rates and a weaker US dollar, supporting commodity prices.
Stalling BEV market share and political shifts put the EU’s ICE vehicle ban at risk
17 June 2024 | SFA (Oxford) & Heraeus
Platinum catches a tailwind from stronger rand
21 May 2024 | SFA (Oxford) & Heraeus
Solar silver demand growth to moderate this year but still hit a new record
15 April 2024 | SFA (Oxford) & Heraeus
Palladium demand supported for longer after new US emissions law changes
25 March 2024 | SFA (Oxford) & Heraeus
Rhodium price in context, 1985 to 2023
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Rhodium market balance
koz | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023f | |
Primary rhodium supply | |||||||||
Regional | |||||||||
South Africa | 615 | 620 | 625 | 640 | 475 | 670 | 595 | 585 | |
Russia | 70 | 75 | 75 | 80 | 80 | 75 | 75 | 70 | |
Zimbabwe | 45 | 45 | 40 | 40 | 45 | 40 | 45 | 45 | |
North America | 25 | 25 | 20 | 20 | 20 | 20 | 15 | 15 | |
Other | 10 | 10 | 10 | 10 | 10 | 5 | 5 | 5 | |
Total | 765 | 775 | 790 | 790 | 630 | 815 | 735 | 720 | |
Rhodium demand and recycling |
|||||||||
Rhodium autocatalyst demand | |||||||||
Gross Rh autocatalyst demand | 835 | 870 | 900 | 1,010 | 925 | 920 | 940 | 930 | |
Rh autocatalyst recycling | 280 | 305 | 335 | 355 | 330 | 365 | 310 | 305 | |
Net Rh autocatalyst demand | 555 | 565 | 565 | 655 | 590 | 550 | 630 | 625 | |
Industrial rhodium demand | 180 | 155 | 210 | 170 | 135 | 125 | 125 | 140 | |
Other rhodium recycling | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 2 | |
Gross rhodium demand | 1,015 | 1,025 | 1,110 | 1,180 | 1,060 | 1,040 | 1,065 | 1,075 | |
Rhodium recycling | 280 | 305 | 340 | 355 | 335 | 370 | 310 | 310 | |
Net rhodium demand | 735 | 720 | 775 | 820 | 725 | 670 | 755 | 765 | |
Rhodium market balance | |||||||||
Rhodium balance (before ETFs) | 30 | 55 | 0 | -30 | -100 | 145 | -15 | -45 | |
Rhodium ETFs (stock allocation) | 5 | -20 | -50 | -15 | -10 | -5 | 0 | ||
Rhodium balance after ETFs | 25 | 75 | 45 | -15 | -90 | 150 | -15 | -45 | |
Rhodium price history | |||||||||
Rhodium price (USD/oz) | 953 | 694 | 1,107 | 2,219 | 3,096 | 11,200 | 15,479 | ||
Rhodium price (GBP/oz) | 624 | 515 | 856 | 1,670 | 3,064 | 8,679 | 12,485 | ||
Rhodium price (EUR/oz) | 858 | 628 | 975 | 1,886 | 3,500 | 9,745 | 14,663 | ||
Rhodium price (CNY/oz) | 5,979 | 4,616 | 7,449 | 14,747 | 27,128 | 76,778 | 103,657 | ||
Rhodium price (ZAR/oz) | 12,000 | 10,184 | 14,757 | 29,651 | 56,736 | 182,407 | 251,503 | ||
Rhodium price (JPY/oz) | 111,239 | 75,584 | 124,122 | 245,435 | 425,105 | 1,191,458 | 1,211,880 | ||
Source: SFA (Oxford). Updated May 2023.
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Linked rhodium market reports
SFA (Oxford) provides regular bespoke market intelligence reports on rhodium as well as in-depth studies on recycling, metal flows and price setting.
Meet the PGM team
Trusted advice from a dedicated team of experts.
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Henk de Hoop
Chief Executive Officer
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Beresford Clarke
Managing Director: Technical & Research
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Dr Ralph Grimble
Operations Director
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Lee Hockey
Precious Metals Expert
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Dr Jenny Watts
Head of Clean Energy & Sustainability
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Jamie Underwood
Principal Consultant
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Senior Market Analyst: Battery Materials and Technologies
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Adele Rouleau
ESG and Critical Minerals Lead
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Oksan Atilan
Consulting Automotive Analyst
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Alex Biddle
Senior Mining Analyst
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Dr Sandeep Kaler
Market Strategy Analyst
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Analyst
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Daniel Croft
Commodity Analyst
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David Mobbs
Head of Marketing
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Joel Lacey
Sales and Marketing Specialist
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