Contact Us

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

Read more

Ruthenium in context, 1995 to 2021

The Ruthenium Market

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.

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.

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.

Get in touch