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

Palladium: How low can it go?
10 November 2023 | Beresford Clarke
On Thursday this week, the price of palladium passed through $1,000/oz for the first time since September 2018. Substitution for platinum in autocatalysts and a less-than-rosy outlook for 2024 autocatalyst demand has contributed to palladium’s ongoing 18-month bear market.

Impact of Euro 7, UK 2035 and US strikes on automotive PGM forecasts
27 September 2023 | Dr Jenny Watts
Automakers globally are navigating a series of near-term disruptions, and important regional policy changes, which compound the ongoing costly and complex transition from ICE to BEV powertrains.
Silver Solar demand could be clouded by recession in the EU
30 October 2023 | SFA (Oxford) & Heraeus
PGM price seasonality
16 October 2023 | SFA (Oxford) & Heraeus
Gold has headwinds but the outlook is bright
2 October 2023 | SFA (Oxford) & Heraeus
South Africa’s PGM miners are treading water in a sea of rising costs
18 September 2023 | SFA (Oxford) & Heraeus
Rhodium price in context, 1985 to 2023

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.


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 Ralph Grimble
Operations Director

Dr Jenny Watts
Head of Clean Energy & Sustainability

Jamie Underwood
Principal Consultant

Rj Coetzee
Senior Market Analyst: Battery Materials and Technologies

Adele Rouleau
ESG and Critical Minerals Lead

Oksan Atilan
Consulting Automotive Analyst

Alex Biddle
Senior Mining Analyst

Dr Sandeep Kaler
Market Strategy Analyst

Gyubin Hwang
Consultant

Alexandre Toufic Zard
Analyst

Nelsa Martins
Senior Technical Consultant

Daniel Croft
Precious Metals Analyst

David Mobbs
Head of Marketing

Joel Lacey
Sales and Marketing Specialist

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.