• 37 mins Surprise! Aramco Scraps International Listing Plans
  • 26 mins Getting out of oil .. now
  • 3 hours EU Proposes Online Turnover Tax For Big Tech Firms
  • 2 hours The Facebook/Cambridge Analytica Scandal
  • 2 hours McDonald's Sets Greenhouse Gas Reduction Targets
  • 1 hour "Rock star of science" - Stephen Hawking, Who unlocked The Secrets Of Space And Time, Dies at 76
  • 2 hours Country With Biggest Oil Reserves Biggest Threat to World Economy
  • 17 hours Why Are Investors Ignoring China's Oil Giant?
  • 15 hours 2020 - Electricity From Renewables Will Be Cheaper Than From Most Fossil Fuels?
  • 4 hours Step forward or blackmail? DJT: Tariffs On Steel and Aluminum Will Only Come Off If New Fair NAFTA Agreement Is Signed.
  • 15 hours Statoil Changes Name
  • 1 hour Bad seven days for Martin Shkreli
  • 19 hours G20 Rejects Calls for Cryptocurrency Regulation
  • 15 hours Terminator plans to sue big oil for 'first degree murder'
  • 15 hours S&P 500 companies expected to buy back $800 billion of their own shares
  • 14 hours Great Wall Seeks To Double Vehicle Sales By 2025, Plans Electric Car Push
Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Trending Discussions

This Rare Metal Just Saw Its Price Jump By 30%


Amazing price action this week, for a metal we don’t hear much about.


Rates for this platinum group metal surged over the weekend, according to data from Platts. With an ounce of ruthenium going for as much as $65, up a full 30 percent from the high price of $50/oz that prevailed just the week before.

In fact, traders reported some sales going through at up to $68/oz — suggesting that upward pressure is continuing in the market.

The big price move came as a surprise to most observers in this space. With the ruthenium market having been very sleepy the last few years — evident from the price chart below.

The average ruthenium price is down 62.5 percent over the last five years (source: U.S. Geological Survey)

This week’s increased prices are the highest the market has seen in a long while. Representing a 2.5-year high.

So what’s behind this massive leap? Traders aren’t 100% sure — but did say that offers of the metal appear to have nearly vanished, while buying from Asian nations like China has increased considerably over the last several days.

Some market specialists said that end users had become “complacent” over the last two years of low prices. Keeping little supply in inventory because they could go into the market and buy whenever they needed.

But that situation appears to have reversed dramatically. With sources saying that several miners in South Africa — the world’s go-to PGM supplier — are now completely sold out of ruthenium for “a couple of months”.

That sudden disappearance of supply has reportedly shocked buyers into action. Watch for more upward movement in the ruthenium price over the coming weeks — with traders in Asia saying that $80/oz may be coming quickly. If so, this would be one of the hottest markets going anywhere in mining.

Here’s to the little guys.

By Dave Forest

More Top Reads From Oilprice.com:


Back to homepage

Trending Discussions

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News