Rhodium
Rhodium offers unmatched NOₓ-reduction activity in gasoline autocatalysts. Annual primary supply is only 25–30 t, mostly from South African PGM mines, making Rh the priciest major metal. Euro 7, US Tier 3 and China 7 regulations lock in high per-vehicle loadings, while hybrid power-trains delay the switch to zero-Rh BEVs. Glass-fibre bushings and reflective coatings add niche, price-inelastic demand.
Supply Dynamics
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Co-mined with Pt and Pd in South Africa’s Bushveld; power outages amplify supply risk.
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Recycling of spent autocatalysts already supplies >35 % and rises with vehicle scrappage rates.
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Russia’s Norilsk provides secondary Rh but faces sanction-related trade friction.
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Tiny market size means slight demand or supply shocks swing prices multiples.
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Long-term demand capped by BEV penetration, yet timing of fleet turnover keeps deficits plausible.
Demand Dynamics
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Gasoline and hybrid autocatalysts consume >80 % of Rh; loadings rise with stricter NOₓ limits.
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SUV and light-truck market share supports grams-per-car intensity.
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Industrial glass-fibre bushings require Rh-plated crucibles for corrosion resistance.
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Optical coatings and jewellery applications are tiny but prestige-driven.
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Potential PEM-electrolyser anodes could create new but as-yet unquantified demand.