Minor metals rule at New York Platinum Week

New York Platinum Week and PGM Market Trends

• Minor platinum group metals (PGMs)—rhodium, ruthenium, and iridium—overshadowed platinum and palladium during New York Platinum Week (p. 1).
  • Rhodium prices rose 34% y/y, ruthenium increased 81% y/y, and iridium reached a record high of $7,850 (p. 1).
  • These minor PGMs are exceptionally rare, with South Africa producing over 90% of the world's iridium and ruthenium (p. 1).
  • Iridium and ruthenium accounted for 16% of the 6E PGM basket price value (which was around $2,384, up 30% y/y), up from 12% a year prior (p. 5).
• Platinum and palladium experienced more subdued investor sentiment compared to late last year, though their underlying fundamentals remain constructive with deficits expected in 2026 (p. 1).
  • Platinum traded around $1,780 (up 34% y/y) and palladium at $1,297 (up 8% y/y) (p. 1).
  • Platinum net managed money shorts on the CME rose to a seven-week high of 569koz (p. 1).

Specific Minor PGM Dynamics

• Rhodium: Gained $250/oz to reach $9,725 before the event but surrendered those gains during the week (p. 3).
  • Its 2026 deficit narrowed to 70koz, and low liquidity continues to amplify price movements (p. 3).
  • While automotive demand faces long-term pressure from electrification, rhodium is supported by specialized electronics and advanced glass manufacturing (p. 3).
• Ruthenium: Driven by AI and data-centre investments, particularly for advanced semiconductor chip architectures (p. 3).
  • Thrifting and substitution remain headwinds that could reduce demand in established applications (p. 3).
• Iridium: Benefits from use in high-temperature crucibles to grow specialist crystals like gadolinium gallium garnet (GGG) for optical and electronic applications (p. 5).
  • Near-term demand may rise due to work-in-process metal lock-up, but long service lives and high recyclability are expected to moderate demand over time (p. 5).
• Both ruthenium and iridium are projected to remain in deficit for the foreseeable future (p. 5).

Other Precious Metals and Automotive Trends

• Gold and Silver: Gold slipped below $4,300 due to stronger oil prices, rising Treasury yields, and hawkish Fed comments, while silver fell below $64, pushing the gold:silver ratio to 67 (p. 1).
• Automotive Electrification: Slower BEV adoption, rapid hybrid growth, tighter emissions standards, and higher catalyst loadings are offsetting the decline in conventional ICE vehicle demand (p. 3).
  • EU vehicle sales rose 5% to 708k, with new energy vehicle sales up 19% and ICE sales down 19% (p. 1).

About Metals Focus

• Metals Focus is an independent precious metals consultancy based in London, covering gold, silver, platinum, palladium, rhodium, iridium, and ruthenium (p. 14).
• The firm employs a 35-strong team across 11 markets, offering research, consultancy, and various specialized reports (p. 14).