Why it matters
- Hit record highs in 2026 after years of supply deficits.
- About 70 percent of mine supply comes from South Africa, where power shortages keep cutting output.
- Fuel cell and green hydrogen demand is a new growth source on top of autocatalysts and jewelry.
Used in
AutocatalystsFuel cellsJewelryLab equipment
Supply
South Africa dominates, with Russia and Zimbabwe next. Mines are deep, old, and expensive to run.
Demand
Diesel autocatalysts, jewelry, chemical and petroleum refining, fuel cells, and medical devices.
Role in the portfolio
Core allocation with a deep, liquid market. Pairs with palladium for relative-value trades.
Scorecard
Scarcity80
Industrial demand80
Supply concentration85
Liquidity85
Team view, not market data.