# Rhodium: Cycles

One of the wildest price rides of any metal

Source page: https://www.materialinsights.org/commodities/rhodium/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.

Rhodium has one of the wildest price histories of any metal. The Engelhard annual average reported by USGS was $20,254 per ounce in 2021, then $15,585 in 2022, $6,661 in 2023 and $4,660 in 2024, a fall of 77% in three years. USGS estimates a 24% rebound to $5,800 in 2025, on lower output and demand from hard-disk and chemical-catalyst makers. The cause is structural. Emissions laws set demand, platinum mining sets supply, and neither responds much to rhodium's own price.

#### US price, Engelhard unfabricated rhodium, annual average
 2021 20k 2022 16k 2023 6,661 2024 4,660 2025 5,800 dollars per troy ounce. USGS MCS 2026; 2025 is an estimate.

#### Super-cycles in rhodium

Rhodium is one of the most volatile commodities. Supply is a small, inflexible by-product of South African platinum mining, and almost all demand comes from car catalysts, so small shifts in emissions rules, car output or South African production produce huge price moves. The annual average went from $20,254/oz in 2021 to $4,660/oz in 2024, a 77% fall, then recovered (USGS). The long-run threat is the shift to battery cars; the support is that hybrids still need converters and that new mine investment is low.

1. 2019-2021

Strong demand from petrol car catalysts met a small, inflexible supply from South Africa, driving a record price.

Annual average reached $20,254/oz in 2021 (USGS, Engelhard)

2. 2022-2024

Carmakers thrifted rhodium and substituted other PGMs, car output was weak, and demand fell faster than supply.

Fell to $15,585/oz (2022), $6,661/oz (2023) and $4,660/oz (2024) (USGS)

3. 2025-2026

South African supply fell (PGM output down about 9% in 2025, USGS), recycling was slow, and demand from chemicals and hard disks rose, giving a 50 koz deficit in 2025 (Johnson Matthey).

Average $5,800/oz in 2025, up 24% (USGS); a bid of $8,525/oz on 28 Sept 2026 (Kitco, via Farmonaut)

#### What drives the cycle

- **Petrol and hybrid car production.** Autocatalysts take about 85% of demand.
- **Emissions standards.** Stricter NOx limits raise rhodium per vehicle; Euro 7 and China and India standards matter.
- **South African mine supply.** About 81% of mine supply; power outages, deep-mine costs and closures cut output.
- **Battery electric vehicle adoption.** Each battery car removes converter demand.
- **Recycling rates.** Recycled rhodium was about 29% of 2025 demand and swings with car scrappage.
- **Thrifting and substitution.** High prices push carmakers to cut loadings, which caps price spikes.

#### Metrics to track

| Metric | Why it matters | Where to track it |
|---|---|---|
| **Rhodium supply, demand and balance** | The standard market balance | Johnson Matthey PGM Market Report (May) and Heraeus PGM appraisals |
| **South African PGM mining output** | Main supply | Statistics South Africa monthly mining production; Minerals Council South Africa |
| **Global light vehicle production by powertrain** | Demand driver | S&P Global Mobility; China Association of Automobile Manufacturers |
| **Producer quarterly PGM output and guidance** | Supply outlook | Valterra, Implats, Sibanye-Stillwater, Northam reports |
| **Rhodium dealer price** | Daily price signal | Johnson Matthey base prices; Kitco |

## Other sections

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