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

The impact on PGMs from Russia-Ukraine action
25 February 2022 | Beresford Clarke
Sanctions on Russia could impact PGM supply significantly.

Where next for palladium?
14 September 2021 | Stephen A. Forrest, Beresford Clarke
Read SFA's latest edition of The Palladium Standard which discusses current palladium market dynamics, price outlook, and feature articles from selected players, as well as our latest platinum and rhodium outlooks.
Growing 5G smartphone sales and 5G towers signal more silver demand
28 March 2022 | SFA (Oxford) & Heraeus
Russia-Ukraine conflict puts Pd and Rh automotive demand at risk
21 March 2022 | SFA (Oxford) & Heraeus – Edition 9
Will high US gas prices push people into BEVs and impact PGMs?
14 March 2022 | SFA (Oxford) & Heraeus – Edition 8
Russian invasion could accelerate platinum substitution into autocatalysts
7 March 2022 | SFA (Oxford) & Heraeus – Edition 7
Rhodium price in context, 1985 to 2021

Rhodium market balance
koz | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021f | |
Primary rhodium supply | |||||||||
Regional | |||||||||
South Africa | 425 | 620 | 615 | 620 | 625 | 640 | 475 | 640 | |
Russia | 75 | 70 | 70 | 75 | 75 | 80 | 80 | 65 | |
Zimbabwe | 35 | 35 | 45 | 45 | 40 | 40 | 45 | 45 | |
North America | 30 | 30 | 30 | 25 | 20 | 20 | 20 | 20 | |
Other | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | |
Total | 575 | 765 | 765 | 775 | 770 | 790 | 630 | 780 | |
Rhodium demand and recycling |
|||||||||
Rhodium autocatalyst demand | |||||||||
Gross Rh autocatalyst demand | 845 | 860 | 835 | 865 | 900 | 985 | 880 | 1,000 | |
Rh autocatalyst recycling | 275 | 260 | 280 | 295 | 335 | 355 | 330 | 360 | |
Net Rh autocatalyst demand | 570 | 600 | 555 | 570 | 565 | 630 | 550 | 640 | |
Industrial rhodium demand | 165 | 150 | 180 | 165 | 210 | 165 | 130 | 115 | |
Other rhodium recycling | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | |
Gross rhodium demand | 1,010 | 1,010 | 1,015 | 1,030 | 1,110 | 1,150 | 1,010 | 1,115 | |
Rhodium recycling | 275 | 260 | 280 | 295 | 335 | 355 | 330 | 365 | |
Net rhodium demand | 735 | 750 | 735 | 735 | 775 | 795 | 680 | 750 | |
Rhodium market balance | |||||||||
Rhodium balance (before ETFs) | -160 | 15 | 30 | 40 | -5 | -5 | -50 | 30 | |
Rhodium ETFs (stock allocation) | 5 | -5 | 5 | -20 | -50 | -15 | -10 | ||
Rhodium balance after ETFs | -165 | 20 | 25 | 60 | 45 | 10 | -40 | ||
Rhodium price history | |||||||||
Rhodium price (USD/oz) | 1,173 | 953 | 694 | 1,107 | 2,219 | 3,906 | 11,200 | 20,092 | |
Rhodium price (GBP/oz) | 713 | 624 | 515 | 856 | 1,670 | 3,064 | 8,679 | 14,565 | |
Rhodium price (EUR/oz) | 866 | 858 | 628 | 975 | 1,886 | 3,500 | 9,745 | 16.920 | |
Rhodium price (CNY/oz) | 7,225 | 5,979 | 4,616 | 7,449 | 14,747 | 27,128 | 76,778 | 129,762 | |
Rhodium price (ZAR/oz) | 12,728 | 12,000 | 10,184 | 14,757 | 29,651 | 56,736 | 182,407 | 295,614 | |
Rhodium price (JPY/oz) | 124,372 | 115,239 | 75,584 | 124,122 | 245,435 | 425,105 | 1,191,458 | 2,198,736 | |
Source: SFA (Oxford). Updated September 2021.


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.

Stephen A. Forrest
Chairman

Henk de Hoop
Chief Executive Officer

Beresford Clarke
Managing Director: Technical & Research

Dr Jenny Watts
Head of Clean Energy & Sustainability

Dr Ralph Grimble
Operations Director

Jamie Underwood
Principal Consultant

Carol Lu
Associate Principal Analyst: China

Thomas Chandler
Principal Market Analyst

Oksan Atilan
Consulting Automotive Analyst

Alex Biddle
Senior Mining Analyst

Yolandé Fourie
Senior Consultant Metallurgist

Nelsa Martins
Senior Technical Consultant

Daniel Croft
Precious Metals Analyst

How can we help you?
SFA (Oxford) provides bespoke, independent intelligence on the strategic metal markets, specifically tailored to your needs. To find out more about what we can offer you, please contact us.