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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.

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

Read more

Rhodium price in context, 1985 to 2021

The Rhodium Market

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.

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

Yolandé Fourie

Senior Consultant Metallurgist

Nelsa Martins

Senior Technical Consultant

Daniel Croft

Precious Metals Analyst

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