The price of the most rare and valuable metal on the planet Rhodium has increased by 3000%.

Tram Ho

As a highly metallic and corrosion resistant silver-white metallic element, rhodium is considered the most valuable and rare metal on the planet – above all gold or silver. The main use of this metal is in catalytic filters designed to clean vehicle exhaust. Accordingly, rhodium – often in combination with palladium and / or platinum – reduces the amount of nitrogen oxide in the exhaust gas.

Giá kim loại quý hiếm và giá trị nhất hành tinh Rhodium đã tăng 3000% - Ảnh 1.

The price of rhodium on January 13, 2021 rose to $ 20,190 per ounce, compared to $ 16,990 on December 31, 2020, and compared to just $ 615 in 2016.

Rhodium price chart

Giá kim loại quý hiếm và giá trị nhất hành tinh Rhodium đã tăng 3000% - Ảnh 2.

Thus, in just the past 5 years, Rhodium prices have risen 3000%, and now just 1.5 kg of rhodium is worth nearly 1 million USD.

Rhodium price appreciation chart

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Automakers consume about 85% of the global supply of Rhodium. The rapidly recovering demand for cars made the demand for Rhodium even stronger, and the market became even scarce.

Meanwhile, the Covid-19 pandemic has seriously affected the supply, as many places have forced to blockade against epidemics, mining and shipping activities in South Africa – the largest rhodium producer in the world – interruption.

In addition, the shutdown of processing facilities of Anglo American Platinum (Amplats) reduced supply during this period, with the total supply of Rhodium in 2020 decreased by 16%, according to the consultant. Wilma Swarts is a Metals Focus consulting firm.

Supply fell 16% while demand decreased by only 10% leaving the market short of about 1 million ounces in 2020, and is expected to continue shortages in 2021, likely to push prices up further.

The rhodium market has been in short supply for most of the past decade, leading to a drop in inventories and forcing users to buy more to compensate, said Rohit Savant of consulting firm CPM Group stocks were reduced, depleting supply in the market and pushing prices up.

According to Mr. Savant, if the average for the whole year, the market in 2020 will have an oversupply with small volume, and in 2021 it is also expected to have a little oversupply. He said that, as usual, prices will stop increasing or even decrease slightly during the Tet holiday period at the end of the old year – the beginning of the new year. But “In the future, you will see the oversupply continue to narrow, and the possibility that the market will return to the shortage”.

There is a shortage of rhidium every year

Giá kim loại quý hiếm và giá trị nhất hành tinh Rhodium đã tăng 3000% - Ảnh 4.
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Source : Genk