Rhodium: Stocks

Why there is almost no buffer when demand jumps

What this tab covers How much is left and how much is held. For minerals and energy: reserves, current output, years of supply and recycling for the top five countries. For farm commodities: production, ending stocks and stocks-to-use for the top five producers (USDA, October 2026). It also covers inventories and stockpiles.

Top five countries: reserves, output and years of supply

Country	Reserves t PGM content (all six metals)	Current output t platinum + palladium (mine, 2025e)	Years of supply	Recycling
South Africa	63,000	190	332	n/a
Russia	11,000	104	106	n/a
Zimbabwe	1,300	33	39	n/a
Canada	310	21	15	n/a
United States	590	8	74	n/a

USGS MCS 2026, Platinum-group metals (PGM reserves and platinum plus palladium mine production; USGS gives no separate rhodium output). Years are PGM reserves divided by platinum plus palladium output and overstate rhodium life only in proportion; rhodium mine supply was 701 koz (about 22 t) in 2025 (Johnson Matthey).. Years of supply = reserves ÷ current output; reserves grow as prices and technology change, so this is not a countdown.

Recycling

World: autocatalyst recycling supplied 312 koz of rhodium in 2025, about 29% of demand (Johnson Matthey PGM Market Report 2026). EU end-of-life recycling input rate for rhodium is 12% (EU CRM 2023). US: about 50,000 kg of palladium and 8,600 kg of platinum were recovered from US autocatalysts in 2025 (USGS); no separate US rhodium figure. No figures for China, Japan or India were found.

Rhodium reserves sit inside the USGS PGM total of more than 76 million kg, so a separate reserve life cannot be computed. In practice supply is limited by PGM mining rates, not geology. Above-ground stocks are small and opaque, held by refiners, automakers and a few investors, so there is little buffer when demand jumps. Recycling of spent catalytic converters is the main secondary source; the EU's end-of-life recycling input rate for rhodium is 12%. US imports of 14,000 kg in 2025 against exports of 340 kg show how dependent consumers are.

Reserves

World reserves 76,000,000 kilograms, all PGMs combined (USGS: >76,000,000) South Africa 83% Russia 14% Zimbabwe 2% United States 1% Canada 0% Largest reserve holders, share of world reserves (USGS MCS 2026). Reserves are what is economic to extract today, not what exists.

Recycling

End-of-life recycling input rate in the EU: 12% of demand met from post-consumer scrap (EU CRM study 2023).

USGS reports PGM recovery from scrap, including autocatalysts, of about 140,000 kg of palladium and platinum globally in 2025; rhodium is not given separately.