
The Ruthenium Market
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.
Related ruthenium news and insights

Where next for palladium?
14 September 2021 | Stephen A. Forrest, Beresford Clarke
Read SFA's latest edition of The Palladium Standard which discusses current palladium market dynamics, price outlook, and feature articles from selected players, as well as our latest platinum and rhodium outlooks.

Russia’s new cash cow
8 July 2021 | Prof. Paul Chaisty
SFA's Associate, Dr Paul Chaisty, Professor of Russian and East European Politics, St Antony's College, University of Oxford, discusses Russia's decision to impose export duties on the Russian export industry.
Rand strength could help lift the platinum price
31 January 2022 | SFA (Oxford) & Heraeus – Edition 2
Outlook 2022 – Markets normalising in 2022
24 January 2022 | SFA (Oxford) & Heraeus – Forecast
Iridium and ruthenium were the only winners in 2021
17 January 2022 | SFA (Oxford) & Heraeus – Edition 1
Low-cost PGM ounces from Zimbabwe reaching record levels
13 December 2021 | SFA (Oxford) & Heraeus – Edition 44
Ruthenium in context, 1995 to 2021

Ruthenium supply-demand balance
koz | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
Primary supply | |||||||||
South Africa | 865 | 680 | 935 | 915 | 915 | 930 | 910 | 685 | 965 |
Russia | 40 | 40 | 40 | 40 | 40 | 40 | 45 | 45 | 35 |
Zimbabwe | 35 | 40 | 40 | 45 | 45 | 45 | 45 | 45 | 50 |
Other | 25 | 20 | 20 | 15 | 15 | 15 | 15 | 15 | 15 |
Total | 965 | 780 | 1,035 | 1,015 | 1,015 | 1,030 | 1,015 | 790 | 1,065 |
Demand |
|||||||||
Hydrogen | 5 | 20 | 20 | 35 | 40 | 55 | 35 | 35 | 55 |
Industrial demand | |||||||||
Chemical | 420 | 465 | 540 | 465 | 465 | 460 | 460 | 435 | 460 |
Electrical | 340 | 370 | 380 | 365 | 395 | 360 | 345 | 315 | 315 |
Other | 100 | 90 | 120 | 105 | 110 | 100 | 130 | 115 | 110 |
Total | 865 | 945 | 1,060 | 970 | 1,010 | 975 | 970 | 900 | 940 |
Market balance | |||||||||
Balance | 100 | -165 | -25 | 45 | 5 | 55 | 45 | -110 | 125 |
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

Yolandé Fourie
Senior Consultant Metallurgist

Nelsa Martins
Consultant Metallurgist

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.