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
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.
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.
30 October 2023 | SFA (Oxford) & Heraeus
16 October 2023 | SFA (Oxford) & Heraeus
2 October 2023 | SFA (Oxford) & Heraeus
18 September 2023 | SFA (Oxford) & Heraeus
Ruthenium price in context, 1995 to 2021
Ruthenium market balance
|Primary ruthenium supply|
|Total ruthenium supply||780||1,035||1,015||1,015||1,030||1,015||790||1,065|
|Total ruthenium demand||945||1,060||970||1,010||975||970||900||940|
|Ruthenium market balance|
|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.
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.
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.
In collaboration with Heraeus, this weekly report makes sure all the key precious metal and macroeconomic developments are fully analysed by the SFA team.
DCF scenario modelling analysing the attractiveness of global PGM projects based on incentivised PGM pricing which can motivate new supply.
An evaluation on future platinum, palladium and rhodium supply risk from mines and projects around the world, and the economic cost of production.