# Rhodium: Trading

No exchange, just dealer quotes and private deals

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

What this tab covers How and where it is bought and sold: who buys and sells, exchanges and benchmarks, contract types, the big trading houses and how prices are discovered.

There is no liquid futures contract or exchange benchmark. Miners and refiners sell rhodium to automakers and catalyst makers under bilateral contracts, usually priced off dealer quotes such as Johnson Matthey's base price or the Engelhard quotation that USGS uses. A handful of traders and banks handle spot lots of sponge. Because the market is thin and opaque, modest purchases can move prices sharply, and published quotes may reflect few actual trades.

#### Where it is bought (buyers)

- Autocatalyst makers (Johnson Matthey, BASF, Umicore) buy on behalf of carmakers in China, Europe, the US, Japan and India
- Glass fibre and display glass makers
- Chemical producers for oxo-alcohol catalysts
- The US imported about 14,000 kg in 2025 (USGS)

#### Where it is sold (sellers)

- South African producers (Valterra, Implats, Sibanye-Stillwater, Northam) sell refined metal under long-term contracts
- Nornickel sells Russian metal
- Refiners and recyclers sell secondary rhodium

#### Exchanges and benchmarks

| Venue | Contract | Notes |
|---|---|---|
| **No exchange-traded futures** | Rhodium trades over the counter between producers, refiners, dealers and users | Prices are dealer quotations, not exchange settlements |

#### Contract types

- Long-term supply contracts priced on dealer base prices
- Spot and forward OTC trades through dealers
- Metal leasing between refiners and users

#### Top trading houses

- Johnson Matthey, BASF and Heraeus act as refiners, dealers and catalyst makers

#### How prices are discovered

- Johnson Matthey base prices
- Engelhard (BASF) prices reported by S&P Global Platts (used by USGS)
- Kitco and dealer quotes

## 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)
- [Cycles](https://www.materialinsights.org/commodities/rhodium/cycles/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)