Ruthenium Price Trend and Forecast

Ruthenium Regional Price Overview

Get the latest insights on price movement and trend analysis of Ruthenium in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Ruthenium Price Trend for the First Half of 2024

In the first half of 2024, ruthenium, alongside other platinum group metals (PGMs), has experienced notable price declines despite persistent structural deficits. Research suggests that prices for PGMs, including ruthenium, have followed the trend seen in platinum, palladium, and rhodium. Metals Focus highlights a 1% decrease in platinum prices, an approximate 23% drop in palladium prices, and a 28% reduction in rhodium prices for this year.
 

Ruthenium Price Chart

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The decline is attributed to concerns about the growing market share of battery-powered electric vehicles (BEVs), which has led to reduced demand for PGMs traditionally used in autocatalysts. While BEVs' market share has risen, partially offset by increased hybrid vehicle use, the overall PGM market is grappling with supply issues. The lower prices and constrained mining operations have squeezed margins and influenced market dynamics. Consequently, ruthenium prices have also softened in line with the broader PGM trend, reflecting ongoing challenges and shifting demand patterns in the first half of 2024.

Analyst Insight

According to Procurement Resource, no immediate correction is in sight for ruthenium prices in the upcoming months. Markets will take time to improve.
 

Ruthenium Price Trend for the Second Half of 2023

Ruthenium is frequently utilized in electronics and catalytic converters, and thus, pricing dynamics are driven by changing industrial trends. Its demand is directly related to the manufacturing of electronics and automobiles.

The demand for ruthenium is impacted by variations in car production, especially in areas like China and Europe. Its market dynamics are also heavily influenced by developments in electronics technology and applications of renewable energy. Changes in these industries may impact supply levels of nickel and platinum, which are byproducts of their mining.

The rare earth metal prices reached their lowest point in the initial phase of H2 of 2023 but rebounded gradually in the later months of the year. The drop in prices in 2023 was attributed to increased production in China and sluggish demand growth amid the country's post-pandemic economic recovery. However, the downward trend was only for a limited time frame as the electric vehicles and automotive sector drove the demand for Ruthenium in an upward direction.

The traders indicate a global deficit in rare earth metals for 2024, reversing the surplus observed in the previous year. Analysts anticipate that rising demand from electric vehicle sales and wind turbine production will help absorb excess supply by the end of 2024. Although China increased its rare earth output quotas in 2023, future quota expansions are expected to be more conservative, potentially stabilizing the market.

Analyst Insight

According to Procurement Resource, the price of Ruthenium is estimated to stabilize in the forthcoming quarters as the mined produce will be able to meet the growing demand for the commodity.
 

Ruthenium Price Trend for the First Half of 2023

Ruthenium is a member of the rare earth metals family that has high corrosion resistance and electrical conductivity. Ruthenium is employed in the electronics sector that utilizes thin film resistors along with several chemical processes that utilize it as a catalyst. Additionally, it serves as a layer of magnetic recording media used in the production of hard disk drives.

In the Asia Pacific sector, China banned the import of rare earth metals due to the weak demand in its domestic region. The performance of the downstream industries remained feeble as the automotive and magnets sectors struggled with their number of sales. The economic condition of the market also suffered from the failure of two major US banking units that had a negative impact on the purchasing potential of buyers and thus led to the fall in the price trend of the majority of rare earth metals, including Ruthenium.

Analyst Insight

According to Procurement Resource, the price of Ruthenium is expected to decline as the demand from the automotive sector and the condition of the global economy do not seem to support the rise in the market sentiments of Ruthenium.

Procurement Resource provides latest prices of Ruthenium. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.