Rhodium at ~$8,800/oz as of May 29, down 12% monthly but still 61% higher YoY. The pullback follows elevated prices from 2025's constrained supply and robust demand.
Heraeus forecasts rhodium transitioning from deficit to surplus in 2026, with prices in a $6,000-9,000 range.
Extreme volatility reflects rhodium's unique structure: no futures market, only ~25t mined annually.
South African disruptions provided 2025 support but are being partially offset by improved recycling and modest mine recovery.
The transition toward balance suggests the sharp 2025 rally has run its course. Disruption risk remains acute given supply concentration.
The transition toward balance suggests the sharp 2025 rally has run its course. Disruption risk remains acute given supply concentration.