Rhodium is a precious metal that removes pollutants from vehicle exhaust fumes. In February 2020, the price of rhodium was 11,665 U.S. dollars per troy ounce. By May 2020, the price decreased to below 8,000 U.S. dollars per ounce. In April 2021, the price rose to a new high of 28,775 U.S dollars, before decreasing throughout 2022 and early 2023. In August 2023, the average price significantly decreased, reaching 4,100 U.S. dollars per troy ounce. By comparison, the price for an ounce of rhodium was 14,461.36 U.S. dollars in August 2022.
The rarest metal: Rhodium
Rhodium is a rare and precious metal that belongs to the platinum group metals (PGMs), along with platinum, palladium, osmium, iridium, and ruthenium. Due to its scarcity, it is one of the most valuable metals in the world, often exceeding the price of gold. Rhodium is extensively used in the automotive industry to manufacture catalytic converters that reduce harmful emissions. Over the last few years, even with a steady supply, Rhodium demand has risen significantly, exceeding supply due to stricter emission regulations and advancements in the automobile industry.
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Johnson Matthey. (September 27, 2023). Price for an ounce of rhodium in London (morning fixing) from January 2019 to August 2023 (in U.S. dollars) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1090402/price-for-an-ounce-of-rhodium-in-london-morning-fixing/
Johnson Matthey. "Price for an ounce of rhodium in London (morning fixing) from January 2019 to August 2023 (in U.S. dollars)." Chart. September 27, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1090402/price-for-an-ounce-of-rhodium-in-london-morning-fixing/
Johnson Matthey. (2023). Price for an ounce of rhodium in London (morning fixing) from January 2019 to August 2023 (in U.S. dollars). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1090402/price-for-an-ounce-of-rhodium-in-london-morning-fixing/
Johnson Matthey. "Price for An Ounce of Rhodium in London (Morning Fixing) from January 2019 to August 2023 (in U.S. Dollars)." Statista, Statista Inc., 27 Sep 2023, https://www.statista.com/statistics/1090402/price-for-an-ounce-of-rhodium-in-london-morning-fixing/
Johnson Matthey, Price for an ounce of rhodium in London (morning fixing) from January 2019 to August 2023 (in U.S. dollars) Statista, https://www.statista.com/statistics/1090402/price-for-an-ounce-of-rhodium-in-london-morning-fixing/ (last visited July 22, 2024)
Price for an ounce of rhodium in London (morning fixing) from January 2019 to August 2023 (in U.S. dollars) [Graph], Johnson Matthey, September 27, 2023. [Online]. Available: https://www.statista.com/statistics/1090402/price-for-an-ounce-of-rhodium-in-london-morning-fixing/