Price

Rhodium Pricing and Market Data

Rhodium has been the most volatile precious metal in history. Prices surged from $600/oz in 2016 to an all-time record of $29,800/oz in March 2021 (~$960,000/kg), making it briefly worth ~15x the price of gold. The subsequent crash to below $5,000/oz by 2024 reflects peak ICE vehicle concerns and EV adoption reducing autocatalyst demand. Johnson Matthey publishes the primary daily price benchmark. The market is extremely thin (~25 tonnes/year), with no exchange-traded futures, making prices susceptible to extreme moves on small changes in supply or demand.

Pricing Mechanisms

Rhodium is priced using benchmarks from Johnson Matthey/LPPM. Rhodium pricing operates through a combination of exchange-based benchmarks, price reporting agency assessments, bilateral negotiation, and long-term offtake contracts. The specific mechanism depends on product form, grade, and the buyer-seller relationship.

Price History and Notable Market Events

The Rhodium market has been shaped by the following key events:

Price Drivers

Key factors influencing Rhodium prices include production levels in South Africa (80% of global supply), demand from three-way catalytic converters and chemical process catalysts, inventory levels, energy costs, and government policy actions such as export restrictions or strategic stockpiling.

Spot vs. Contract Pricing

The Rhodium market features both spot transactions and longer-term contracts. Spot prices reflect current conditions and are more volatile, while multi-year offtake agreements provide supply security for both producers and consumers. Current spot pricing is in the range of 10,300-11,300 $/oz (331,000-363,000 $/kg).