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

The evolving nature of the PGM markets to 2040
19 October 2022 | Beresford Clarke
Available now, this unique report is an in-depth, forward-looking analysis of the current and long-term trends and influences acting on the global PGM markets to 2040.

Interview with Mining Network
5 September 2022 | Henk de Hoop
SFA's CEO Henk discusses the future of PGMs with Mining Network
Gold could struggle to make headway until the Fed changes course
10 November 2022 | SFA (Oxford) & Heraeus
Dhanteras, Diwali and dowries may well boost India’s gold demand in Q4’22
31 October 2022 | SFA (Oxford) & Heraeus
More petroleum platinum demand at risk once Russian oil dries up in Europe
24 October 2022 | SFA (Oxford) & Heraeus
Palladium demand growth decelerates as consumer demand for new vehicles weakens
17 October 2022 | 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.

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

Sandeep Kaler
Market Strategy Analyst

Gyubin Hwang
Hydrogen Market Analyst

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.