Ruthenium prices hit record high as AI boom squeezes supply

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.

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.