Price

Ruthenium Pricing and Market Data

Ruthenium prices range from $380-600/oz ($12,000-20,000/kg), having retreated from 2021 highs above $800/oz. Johnson Matthey publishes the daily benchmark. The market is small (~35 tonnes/year) with no exchange-traded contracts. Demand is driven by hard disk drive manufacturing (ruthenium seed and spacer layers for perpendicular recording) and chlor-alkali electrode coatings. Potential demand growth from hydrogen electrolyzer applications (as a cheaper iridium substitute) could be significant if technical challenges are overcome.

Pricing Mechanisms

Ruthenium is priced using benchmarks from Johnson Matthey. Ruthenium 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 Ruthenium market has been shaped by the following key events:

Price Drivers

Key factors influencing Ruthenium prices include production levels in South Africa (85% of global supply), demand from hard disk drive coatings and electrical contacts and resistors, inventory levels, energy costs, and government policy actions such as export restrictions or strategic stockpiling.

Spot vs. Contract Pricing

The Ruthenium 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 15,000-22,000 $/kg (380-600 $/oz).