Ruthenium, a minor metal in the platinum-group metals (PGMs), has surged to an all-time high as supply constraints and growing demand linked to artificial intelligence tighten the market, analysts and producers said.
Used in electronics, semiconductors, and chemical processing, ruthenium is seeing rising demand from AI-driven data storage and cloud computing. Expansion in data centre capacity is lifting hard disk drive production, where the metal is used in magnetic layers.
Ruthenium prices were around $1,750 per ounce on March 13, according to data from LSEG, citing Johnson Matthey’s benchmark prices, up from $560 per ounce a year earlier.
“The fact that it’s establishing itself as a ‘precious proxy for the AI buildout’, investors have likely also expanded positioning,” said Nicky Shiels, Head of Research & Metals Strategy at MKS PAMP.
Wilma Swarts, director of PGMs at Metals Focus, predicts a deficit of 203,000 ounces in 2026. Moreover, supply remains structurally constrained because ruthenium is produced only as a by-product of PGM mining, largely in South Africa.
Platinum group metals output in South Africa fell 3.8% year-on-year in January 2025, Statistics South Africa data showed. PGM production in South Africa has been declining for several years due to limited investment in new mines over the past two decades, Northam Platinum said.