# Rhenium: Cycles

Why a thin market nearly doubled its price in 2025

Source page: https://www.materialinsights.org/commodities/rhenium/cycles/

What this tab covers Price history and what drives booms and busts, including this commodity's super-cycles, the drivers behind them and the metrics to track. It charts monthly prices (World Bank) with a switch to inflation-adjusted annual prices; where there is no World Bank series it uses USGS US prices.

Rhenium prices are thin and jumpy. The Argus metal pellet price was $977/kg in 2021 and $1,360 in 2024. It then nearly doubled to about $2,600 in 2025, a 90% rise. APR rose 78% to $2,300/kg. US apparent consumption rose 34%, as imports of unwrought metal jumped 83%. Supply cannot follow quickly, because it is tied to copper-molybdenum output. Recyclers say prices must stay above $3,000/kg to cover processing costs. That makes scrap a slow buffer rather than a fast one.

#### US price, Rhenium metal pellets, 99.99% (Argus)
 2021 977 2022 1,120 2023 1,070 2024 1,360 2025 2,600 dollars per kilogram. USGS MCS 2026; 2025 is an estimate.

#### Super-cycles in rhenium

Rhenium had a classic spike-and-bust in 2006-2009, when demand for superalloys and reforming catalysts ran into a supply fixed by molybdenum roasting, and spot prices rose about eightfold to around $12,000/kg. Prices then slid for a decade as new roaster circuits, Polish smelter output and recycling grew, reaching about $1,270/kg for metal in 2019. Engine makers locked in long contracts in between. In 2025 prices nearly doubled again on rising aerospace demand. With only about 100 t of total annual supply, one large order or a recycling slowdown can move the price.

1. 2005-2009

Orders for new aircraft and refinery catalysts surged while supply was stuck; Molymet had about 75% of the market and no room to expand (Cochilco). The financial crisis ended the boom.

Metal about $1,400/kg in 2005 (BRGM); spot nearly $5,000 in 2006 and $9,000 in 2007; peak about $11,400-12,000/kg in October 2008 (BRGM; Cochilco); about $5,000 by late 2009.

2. 2010-2020

Prices eased as new supply came from Poland (KGHM), Codelco's Molyb and recycling. Pratt & Whitney signed a $690 million purchase from Molymet in 2014.

About $4,500/kg in 2010-2013 and $2,500-3,000/kg in 2016 (Cochilco); 2019 average metal $1,269/kg and APR $822/kg, down 87-90% from 2007 (BRGM 2020).

3. 2021-2025

Aerospace recovered after the pandemic; US apparent consumption rose 34% in 2025 as imports of unwrought metal jumped 83%.

Argus metal pellets $977/kg (2021), $1,360 (2024), about $2,600 (2025, up 90%); APR $2,300/kg in 2025 (USGS MCS 2026).

#### What drives the cycle

- **Commercial aircraft build rates.** Superalloy blades take about 80% of rhenium; Airbus and Boeing engine output sets demand.
- **Copper-molybdenum mine output.** Primary supply depends on molybdenite from porphyry copper mines, mainly in Chile and the US.
- **Recycling economics.** Secondary supply of 20-25 t responds to price; recyclers need about $3,000/kg.
- **Refinery catalyst demand.** Reforming catalysts take about 15%; closed-loop recycling limits new demand.
- **Long-term contracts and stockpiling.** Large engine-maker contracts, such as P&W with Molymet, can absorb a big share of supply.

#### Metrics to track

| Metric | Why it matters | Where to track it |
|---|---|---|
| **Rhenium metal pellet and catalytic-grade APR prices** | Benchmarks | Argus Non-Ferrous Markets; Fastmarkets |
| **Aircraft engine deliveries (CFM, Pratt & Whitney, Rolls-Royce)** | Main demand indicator | Company quarterly reports |
| **Molymet sales and Chilean molybdenum output** | Largest supplier | Molymet reports; Cochilco |
| **US rhenium imports (APR and unwrought metal)** | Tracks Western demand | USGS Mineral Industry Surveys |
| **World molybdenum mine output** | Ceiling on primary rhenium | International Molybdenum Association (IMOA) |

## Other sections

- [Summary](https://www.materialinsights.org/commodities/rhenium/index.md)
- [Overview](https://www.materialinsights.org/commodities/rhenium/overview/index.md)
- [Correlation](https://www.materialinsights.org/commodities/rhenium/correlation/index.md)
- [Extraction](https://www.materialinsights.org/commodities/rhenium/extraction/index.md)
- [Production](https://www.materialinsights.org/commodities/rhenium/production/index.md)
- [Stocks](https://www.materialinsights.org/commodities/rhenium/stocks/index.md)
- [Trading](https://www.materialinsights.org/commodities/rhenium/trading/index.md)
- [Movement](https://www.materialinsights.org/commodities/rhenium/movement/index.md)
- [Criticality](https://www.materialinsights.org/commodities/rhenium/criticality/index.md)
- [Characteristics](https://www.materialinsights.org/commodities/rhenium/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/commodities/rhenium/emissions/index.md)
- [Relationships](https://www.materialinsights.org/commodities/rhenium/links/index.md)