Platinum Group Metals (PGMs): Supply, Uses and Prices
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The US Geological Survey (USGS) covers six platinum-group metals together: palladium, platinum, iridium, osmium, rhodium and ruthenium. South Africa produced an estimated 71% of the world's platinum in 2025 (120,000 kg of 170,000 kg) and Russia 43% of its palladium (84,000 kg of 190,000 kg). The United States relied on imports for 89% of the platinum and 57% of the palladium it used, and the leading use of the group is catalytic converters. The price of each metal moved differently in 2025, from ruthenium up 53% to iridium down 9%.
71%
of world platinum production came from South Africa in 2025
43%
of world palladium production came from Russia in 2025
89%
US net import reliance for platinum in 2025, against 57% for palladium
140,000 kg
of palladium and platinum recovered worldwide from scrap in 2025
Which countries produce platinum and palladium?
USGS gives country production only for palladium and platinum. It says information is insufficient to estimate world production of iridium, rhodium and ruthenium, and it names South Africa as the world leading producer of PGM-containing mined material. In the United States one company in Montana mines PGMs, and small quantities are recovered from copper-nickel mining in Michigan.
| Country | 2024 | 2025 (estimate) | Share of 2025 world |
|---|---|---|---|
| South Africa | 126,000 | 120,000 | 71% |
| Russia | 22,000 | 20,000 | 12% |
| Zimbabwe | 18,400 | 18,000 | 11% |
| Canada | 5,700 | 5,000 | 2.9% |
| United States | 3,010 | 1,800 | 1.1% |
| All other countries | 3,860 | 3,900 | 2.3% |
| World total (USGS, rounded) | 179,000 | 170,000 | 100% |
Source: USGS Mineral Commodity Summaries 2026, Platinum-group metals. Shares are calculated from the country figures and can differ by a point or two from percentages USGS states in its text, because USGS rounds its figures.
| Country | 2024 | 2025 (estimate) | Share of 2025 world |
|---|---|---|---|
| Russia | 89,000 | 84,000 | 43% |
| South Africa | 82,600 | 70,000 | 36% |
| Canada | 17,000 | 16,000 | 8.2% |
| Zimbabwe | 15,200 | 15,000 | 7.7% |
| United States | 10,200 | 6,200 | 3.2% |
| All other countries | 2,870 | 2,900 | 1.5% |
| World total (USGS, rounded) | 217,000 | 190,000 | 100% |
Source: USGS Mineral Commodity Summaries 2026, Platinum-group metals.
USGS puts world resources of platinum-group metals at more than 100 million kilograms, with the largest resources and reserves in the Bushveld Complex in South Africa. See the profiles of South Africa and the platinum and palladium pages for imports, controls and events.
How much do platinum-group metals cost?
| Metal | 2021 | 2022 | 2023 | 2024 | 2025 (estimate) | Change, 2024 to 2025 |
|---|---|---|---|---|---|---|
| Platinum | 1,094.31 | 966.54 | 973.00 | 960.70 | 1,200 | +25% |
| Palladium | 2,419.18 | 2,133.81 | 1,351.66 | 994.90 | 1,100 | +11% |
| Rhodium | 20,254.10 | 15,585.00 | 6,660.58 | 4,660.44 | 5,800 | +24% |
| Iridium | 5,158.40 | 4,581.93 | 4,672.78 | 4,810.40 | 4,400 | -9% |
| Ruthenium | 576.12 | 577.02 | 466.49 | 451.02 | 690 | +53% |
Source: USGS Mineral Commodity Summaries 2026, Platinum-group metals, annual averages; the change column is from USGS Figure 10A. USGS attributes the 2025 increases to decreased production and increased demand, including rhodium demand from hard disk and chemical catalyst makers and the substitution of platinum in automobile catalysts, and says the iridium decrease may reflect increased production and waning investor enthusiasm in the hydrogen power market.
What are platinum-group metals used for?
- Catalytic converters: the leading use, to decrease harmful emissions from automobiles.
- Industrial catalysts: bulk-chemical production and petroleum refining.
- Electronics: computer hard disks, hybridized integrated circuits and multilayer ceramic capacitors.
- Other uses: dental and medical devices, glass manufacturing, investment, jewelry and laboratory equipment.
USGS does not split use by metal. It notes that palladium has replaced platinum in most gasoline-engine catalytic converters because of its historically lower price, that about 25% of the palladium in diesel converters can routinely be replaced by platinum (and as much as 50% in some applications), and that for some industrial uses one PGM can substitute for another with losses in efficiency.
How much platinum and palladium is recycled?
About 140,000 kilograms of palladium and platinum were recovered globally from new and old scrap in 2025, including about 50,000 kilograms of palladium and 8,600 kilograms of platinum from automobile catalytic converters in the United States.
What happened to PGM supply in 2025?
- Production in South Africa decreased by an estimated 9% because of declining palladium prices, higher costs of deep-level mining and ongoing electricity supply disruptions.
- Production in Russia decreased by an estimated 6% because of lower metal grades and ore recovery, geopolitical and investor uncertainty related to the Russia-Ukraine conflict, and the introduction of new mining equipment at one operation.
- US palladium and platinum production fell 40% because one operation stayed on care-and-maintenance, and the estimated value of US PGM production fell 31% to $290 million.
- US imports of osmium were 57 kilograms in 2025 against 1 kilogram in 2024. Osmium has no profile on this site because USGS gives no price, uses or production for it.
Frequently asked questions
What are the six platinum-group metals?
The six platinum-group metals are palladium, platinum, iridium, osmium, rhodium and ruthenium. USGS covers them in one chapter of the Mineral Commodity Summaries.
Which country produces the most platinum and palladium?
South Africa produced the most platinum in 2025, an estimated 120,000 kg or 71% of the world total, and Russia the most palladium, an estimated 84,000 kg or 43%, according to USGS.
What are platinum-group metals used for?
The leading use is catalytic converters that cut emissions from automobiles. USGS also names catalysts for chemicals and petroleum refining, dental and medical devices, electronics, glass manufacturing, investment, jewelry and laboratory equipment.
How much did platinum-group metal prices change in 2025?
USGS reports average 2025 price changes of +53% for ruthenium, +25% for platinum, +24% for rhodium and +11% for palladium, and -9% for iridium, compared with 2024.
Sources
Read on October 13, 2026. Figures on this page come from these documents; where a number is an estimate, the source says so.
- USGS Mineral Commodity Summaries 2026: Platinum-group metals. Production, reserves, prices, recycling, substitutes and events
- USGS Mineral Commodity Summaries 2026: introduction (Table 7 and Figure 10A). Net import reliance and price changes
Related topics
Platinum
Production, price and substitutes.
Palladium
Production, price and substitutes.
Rhodium
Price history and uses.
South Africa
The leading producer of PGM-containing mined material.
Catalysts and Chemicals
Where platinum-group catalysts are used.
Mineral Library
All 60 critical mineral profiles.
