AI demand drives ruthenium prices to new highs

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.

A block with the symbol, atomic number and mass number of Ruthenium (Ru) element in this illustration. Image credit: Reuters/Dado Ruvic/Illustration

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 13 March, according to data from LSEG, citing Johnson Matthey's benchmark prices, up from $560 per ounce a year earlier.

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"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 and metals strategy at MKS PAMP.

Wilma Swarts, director of PGMs at Metals Focus, predicts a deficit of 203,000 ounces in 2026.

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.