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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

SFA's expert view on the palladium price spike

18 December 2023 | Dr Ralph Grimble

The palladium price surged last week due to a convergence of positive factors. The Fed acknowledged the peak in US inflation during its press conference, leading to a more dovish outlook for interest rates and a weaker US dollar, supporting commodity prices.

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.

Ruthenium price in context, 1995 to 2021

The Ruthenium Market

Ruthenium market balance

 koz   2014 2015 2016 2017 2018 2019 2020 2021
Primary ruthenium supply              
 South Africa                  
 Total ruthenium supply 780 1,035 1,015 1,015 1,030 1,015 790 1,065
Ruthenium demand
 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.

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 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 Iridium and Ruthenium Market Report

A joint quarterly report on iridium and ruthenium market fundamentals analysing the technological developments of end-uses, metal availability and price risk outlook.

Meet the ruthenium team

Trusted advice from a dedicated team of experts.

Dr Jenny Watts

Head of Clean Energy & Sustainability

Lee Hockey

Precious Metals Expert

Alex Biddle

Senior Mining Analyst

Jamie Underwood

Principal Consultant

Dr Sandeep Kaler

Market Strategy 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.

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