The highest price of rhodium ever recorded occurred in March 2021, when the metal reached a record high of nearly $30,000 per ounce ($29,800–$29,890).
Historically, Rhodium reached an all time high of 29800 in March of 2021.
In the changed post COVID-19 business landscape, the global market for Rhodium estimated at US$3.8 Billion in the year 2022, is projected to reach a revised size of US$5.6 Billion by 2030, growing at a CAGR of 5% over the analysis period 2022-2030.
Yes, rhodium is extremely expensive, often ranking as the world's most expensive precious metal, significantly more valuable than gold or platinum due to its extreme rarity, high demand (especially for catalytic converters), and difficulty to mine and refine. Its price is highly volatile, fluctuating dramatically based on industrial needs and supply constraints, though it remains a very costly material.
Although the underlying metal may be magnetic, the rhodium plating itself is not magnetic. Thus, if you have a piece of jewelry that has been rhodium plated, it will not be magnetic.
Rhodium prices are dropping due to a combination of increased supply (from better mining recovery and recycling) and weakening demand, primarily driven by the shift towards electric vehicles (EVs) which use fewer internal combustion engine (ICE) catalytic converters, plus technological advancements reducing its use in other areas like fiberglass, and significant inventory destocking from major players like Chinese manufacturers. High prices previously incentivized efforts to use less rhodium, leading to a significant price collapse from its peak.
South Africa is the dominant producer, accounting for nearly 80% of global rhodium output. Russia and Canada account for the remaining 20% of global rhodium production, depicted in the graph shown.
Top 9 rarest precious metals on Earth
Rhodium belongs to the platinum metal family and is known for being very scarce, having a high price in the market, and being used in many industries.
Yes, it's completely legal for U.S. citizens to own a 400 oz gold bar, as there are no federal limits on how much gold bullion an individual can possess, a restriction that was lifted in 1974. You can buy, hold, and store them at home, but be aware of potential tax implications (capital gains) when selling for a profit and reporting requirements for large transactions (over $10,000) for anti-money laundering purposes.
The rarest metal on Earth is often considered rhodium, though iridium and osmium are also contenders, all part of the Platinum Group Metals (PGMs); rhodium is incredibly scarce (around 0.000037 ppm in the crust) and valuable, primarily used in catalytic converters, while iridium is valued for extreme hardness and corrosion resistance, and osmium is the densest, making them all extremely rare and expensive.
Rarity: Rhodium is an incredibly scarce metal, making it difficult to mine and produce in large quantities. This rarity drives up its value compared to more abundant metals like gold or platinum.
What metal is in a catalytic converter? Catalytic converters clean up emissions from gasoline and diesel vehicles using metal catalysts which usually contain platinum, palladium and rhodium.
What is the most expensive metal in the world?
The global market for Rhodium estimated at US$4.2 Billion in the year 2024, is expected to reach US$5.6 Billion by 2030, growing at a CAGR of 5.0% over the analysis period 2024-2030.
Rhodium is used as an alloying agent for hardening and improving the corrosion resistance of platinum and palladium. These alloys are used in furnace windings, bushings for glass fiber production, thermocouple elements, electrodes for aircraft spark plugs, and laboratory crucibles.
Gold is often seen as a safe-haven investment and a hedge against inflation, with a historical track record of maintaining its value over time. Rhodium is a more volatile and riskier investment, primarily driven by its industrial applications.