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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.

Rhodium price in context, 1985 to 2022

The Rhodium Market 2022

Source: SFA (Oxford), Bloomberg. Updated September 2022.

Rhodium market balance

 koz   2015 2016 2017 2018 2019 2020 2021 2022f
Primary rhodium supply                
Regional                  
 South Africa   620 615 620 625 640 475 670 610
 Russia   70 70 75 75 80 80 75 75
 Zimbabwe   35 45 45 40 40 45 40 45
 North America   30 25 25 20 20 20 20 20
 Other   10 10 10 10 10 10 5 5
 Total   765 765 775 770 790 630 815 760
                   
Rhodium demand and recycling
 Rhodium autocatalyst demand              
  Gross Rh autocatalyst demand 865 835 870 900 985 885 890 975
  Rh autocatalyst recycling 260 280 305 335 355 330 365 365
  Net Rh autocatalyst demand 605 555 565 565 635 555 525 610
                   
Industrial rhodium demand 155 180 155 210 170 135 120 130
                   
Other rhodium recycling 2 2 2 2 2 2 3 3
                   
Gross rhodium demand 1,020 1,015 1,025 1,110 1,160 1,020 1,010 1,105
                   
Rhodium recycling 265 280 305 340 355 335 370 370
                   
Net rhodium demand 755 735 720 775 800 690 640 740
                   
Rhodium market balance                
 Rhodium balance (before ETFs) 10 30 55 -5 -10 -60 170 20
 Rhodium ETFs (stock allocation) -5 5 -20 -50 -15 -10 -5  
 Rhodium balance after ETFs 15 25 75 50 5 -50 175  
                 
Rhodium price history                
 Rhodium price (USD/oz) 953 694 1,107 2,219 3,096 11,200 20,092  
 Rhodium price (GBP/oz) 624 515 856 1,670 3,064 8,679 14,565  
 Rhodium price (EUR/oz) 858 628 975 1,886 3,500 9,745 16,920  
 Rhodium price (CNY/oz) 5,979 4,616 7,449 14,747 27,128 76,778 129,762  
 Rhodium price (ZAR/oz) 12,000 10,184 14,757 29,651 56,736 182,407 295,614  
 Rhodium price (JPY/oz) 111,239 75,584 124,122 245,435 425,105 1,191,458 2,198,736  
                   

Source: SFA (Oxford). Updated September 2022.

The Platinum Standard

The Platinum Standard comprises analytical articles on those issues we believe will set the PGM agenda for the years ahead and is released annually in May on the eve of London Platinum Week.

The Palladium Standard

The Palladium Standard comprises analytical articles on those issues we believe will set the PGM agenda for the years ahead and is released annually in September on the eve of New York Platinum Week.

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.

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

Sandeep Kaler

Industrial Demand Analyst

Yolandé Fourie

Senior Consultant Metallurgist

Nelsa Martins

Senior Technical Consultant

Daniel Croft

Precious Metals Analyst

Stephen A. Forrest

Retired Chairman

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