The Ruthenium Market
Ruthenium price drivers
An introduction to ruthenium
Ruthenium’s largest market is in electronic products, mainly chip resistors and hard disk drives, while catalysis and electrochemical (chloralkali process electrodes) are significant too.
Ruthenium has recently outperformed all the other PGMs, but rising prices increase the risk of price-induced substitution for existing end-uses and threaten ruthenium's place in the adoption zone for potential new end-uses.
SFA (Oxford) utilises its extensive expertise and knowledge of the ruthenium industry to provide an independent quarterly view, allowing you to keep up to date with this market and highlighting technological developments and the underlying evolution of demand and end-use applications.
Ruthenium price news and insights
What does Heraeus’ new catalyst do for Ir and Ru markets?
15 November 2023 | Dr Jenny Watts
On 14 November, Heraeus and Sibanye-Stillwater launched a new electrocatalyst for green hydrogen production by PEM electrolysis. This ruthenium-based catalyst aims to overcome PEM electrolyser industry scaling-up concerns.
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.
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
Ruthenium price in context, 1995 to 2021
Ruthenium market balance
| koz | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |
| Primary ruthenium supply | |||||||||
| South Africa | |||||||||
| Russia | |||||||||
| Zimbabwe | |||||||||
| Other | |||||||||
| Total ruthenium supply | 780 | 1,035 | 1,015 | 1,015 | 1,030 | 1,015 | 790 | 1,065 | |
| Ruthenium demand |
|||||||||
| Hydrogen | |||||||||
| Chemical | |||||||||
| Electrical | |||||||||
| Other | |||||||||
| Total ruthenium demand | 945 | 1,060 | 970 | 1,010 | 975 | 970 | 900 | 940 | |
| Ruthenium market balance | |||||||||
| Ruthenium balance | -165 | -25 | 45 | 5 | 55 | 45 | -110 | 125 | |
| Ruthenium price history | |||||||||
| Ruthenium price (USD/oz) | 65 | 47 | 42 | 75 | 241 | 258 | 265 | 565 | |
| Ruthenium price (GBP/oz) | 39 | 31 | 31 | 58 | 181 | 202 | 207 | 411 | |
| Ruthenium price (EUR/oz) | 49 | 43 | 38 | 66 | 205 | 231 | 232 | 479 | |
| Ruthenium price (CNY/oz) | 400 | 298 | 276 | 505 | 1,600 | 1,784 | 1,827 | 3,645 | |
| Ruthenium price (ZAR/oz) | 702 | 602 | 612 | 1,004 | 3,217 | 3,729 | 4,364 | 8,335 | |
| Ruthenium price (JPY/oz) | 6,840 | 5,744 | 4,523 | 8,442 | 26,649 | 28,175 | 28,266 | 62,407 | |
Source: SFA (Oxford). Updated November 2021.
Linked ruthenium market reports
In response to requests for more regular ruthenium market intelligence, we now produce a bespoke quarterly ruthenium market report that allows you to keep up to date with this market.
The Ruthenium Market Report and Price Outlook
Stay up-to-date with a quarterly 5-year forecast on ruthenium's technological developments and underlying evolution of supply, demand and end-use applications.
Green Hydrogen Metals Market and Price Outlook
A proprietary report unlocking the current and future demands for precious metals (Pt, Ir, and Ru) used in electrolysers and fuel cells for the hydrogen economy.
Heraeus Precious Appraisal and Market Spotlights
In collaboration with Heraeus, this weekly report makes sure all the key precious metal and macroeconomic developments are fully analysed by the SFA team.
Global PGM Project Monitor Outlook
DCF scenario modelling analysing the attractiveness of global PGM projects based on incentivised PGM pricing which can motivate new supply.
Long-term PGM Supply Appraisal Outlook
An evaluation on future platinum, palladium and rhodium supply risk from mines and projects around the world, and the economic cost of production.
Global PGM Mine Depletion Assessment
Analytics on the PGM primary production landscape, assessing estimated depletion rates of mines and projects, forecasting ounce loss.
Meet the ruthenium team
Trusted advice from a dedicated team of experts.
Dr Jenny Watts
Head of Clean Energy & Sustainability
Alex Biddle
Senior Mining Analyst
Jamie Underwood
Principal Consultant
Dr Sandeep Kaler
Market Strategy Analyst
Gyubin Hwang
Consultant
Dr Tugce Ayvali
Consultant
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.