Why is rhodium so expensive 2020?

Why is rhodium so expensive 2020?

Chinese growth is driving a commodity boom for rhodium. Stoppages at Anglo American Platinum (amplats) have slashed the supply of rhodium by 16% in 2020, according to Reuters. The COVID-19 pandemic will only continue to tighten the market as outbreaks trigger lockdowns in South Africa, the top producer of rhodium.Feb 17, 2021

Why is the price of rhodium so high?

“Because rhodium is both scarce and expensive to extract from ores, its value is almost certain to remain quite high,” it said. Heraeus Precious Metals says rhodium prices are likely to fluctuate at high levels and volatility will be the norm. “The market deficit for rhodium should widen further this year.Mar 8, 2021

Why is rhodium in demand?

Rhodium demand to rise 8% Rhodium supply is expected to rise to nearly 990,000 oz in 2021 from 905,000 oz in 2020 because of increases in mine output and scrap supply. South African mines account for nearly 80% of annual mine output, he added.Jul 13, 2021

Is rhodium a good investment?

Rhodium has rarely been considered an investment precious metal like gold, silver, platinum, and palladium. However, it is far, far rarer than all of these metals and may merit investment consideration. Only 28 tons of rhodium are mined annually compared to 220 tons of platinum and over 2,300 tons of gold.

Why did rhodium prices go down?

Supply disruption resulting from COVID-19 also helped prices move higher. We notice that rhodium prices have been crashing since the middle of May 2021 and the reason for this is that liquidity in the market is improving as supply normalizes.Jun 17, 2021

Will rhodium rise again?

Rhodium supply is expected to rise to nearly 990,000 oz in 2021 from 905,000 oz in 2020 because of increases in mine output and scrap supply. South African mines account for nearly 80% of annual mine output, he added.Jul 13, 2021

What controls the price of rhodium?

Supply and demand affects the price of rhodium. When rhodium is priced per ounce, like other precious metals, supply is a major part of the price change.

Will rhodium prices go down?

Rhodium usually trades at below $1,000 per troy ounce, but these deficits pushed the prices to record levels of almost $30,000 per troy ounce in 2021. ... This market surplus should drive down prices significantly over the remainder of 2021.Jun 17, 2021

Is rhodium costlier than gold?

Today, rhodium is 17 times costlier than gold ($1.708. 26 an ounce), 12 times than palladium ($2,355 an ounce) and 25 times than platinum (1,139.46). In fact, an ounce of rhodium is as costly as a Toyota Innova or Kia Carnival or Tata Harrier or Honda Civic or many other top-end cars.Mar 8, 2021

What's a rhodium price today?

Rhodium Spot Price Spot Change ----------------------- ----------- Rhodium Price per Ounce $11,900.00 Rhodium Price per Gram $382.59 Rhodium Price per Kilo $382,593.88