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Ruthenium Price
The Ruthenium prices and rates shown reflect the standard retail rate for individual investors and is consistent with typical market pricing. For larger orders of ruthenium, whether for investment purposes or industrial use, please get in touch with us to receive a tailored quote. These quotes are obtained from an industry supplier by an API.
Current reference price: $73,253.47/kg
Key Price Drivers
AI and Data Storage Demand
Growing use in hard disk drives and advanced memory chips (DRAM, ReRAM) powering the global AI infrastructure build-out
Byproduct Supply Ceiling
Recovered exclusively as a byproduct of platinum and nickel refining - supply cannot respond independently to rising demand or price signals
Green Hydrogen Catalyst
Ruthenium-iridium alloys are central to next-generation PEM electrolysers, with demand from clean energy applications expanding rapidly from a near-zero base
South Africa Supply Concentration
Over 80% of global mine supply comes from a single country facing persistent power grid instability, labour disputes, and operational disruptions
Learn more about gallium, its key applications, and long-term investment potential in our guide to investing in ruthenium.
Ruthenium Price Trends & Forecast
Ruthenium spent most of the 2010s trading below $10 per gram, largely ignored outside a small circle of PGM traders. Its uses in hard disk drives, chip resistors, and industrial catalysts kept demand modest and predictable. As recently as January 2020, ruthenium sat at $8.82 per gram.
What followed was a sustained multi-year climb that accelerated sharply. By end of 2025, ruthenium closed at new all-time highs of $48.68 per gram, gaining over 162% in the year alone – and since January 2024, the price is up roughly 286%. That kind of move is unusual even for minor PGMs, and it stands out more given that platinum and palladium barely moved over the same period.
The supply side explains a lot. Total global ruthenium production was approximately 35 metric tons in 2023, with South Africa accounting for over 28 metric tons – close to 80% of global supply. As a byproduct of platinum mining, output cannot simply be scaled to meet demand – you get however much ruthenium the platinum mines produce as a side effect. The market ended 2024 in a physical deficit of 219,000 ounces, and analysts at SFA (Oxford) forecast that deficit continuing into 2026.
On the demand side, the story has broadened considerably beyond traditional electronics. Heraeus Precious Metals flags that AI-driven expansion of data center hard disk technology and growing electrolysis demand for green hydrogen could both keep the ruthenium market structurally tight going forward. The broader ruthenium market is projected to grow from $4.52 billion in 2025 to $6.28 billion by 2030, at a CAGR of around 6.8%.
Looking toward the latter half of the decade, most analysts expect continued upward pressure on base prices. The structural constraints of scaling new supply, particularly given the technical sophistication in refining high-purity germanium, means China’s dominant position may remain entrenched unless major investment and policy shifts occur elsewhere. The floor for germanium prices now looks structurally higher, with further upside if technology demand accelerates or supply disruptions occur.