Why it matters
- Essential for removing nitrogen oxides in gasoline-car catalysts.
- No futures market, so prices move on physical supply and demand alone.
- Cannot be mined on its own, so higher prices do not bring new supply.
Used in
Catalytic convertersGlass manufacturingChemical catalystsMirror coatings
Supply
Almost entirely a by-product of South African platinum mining.
Demand
Autocatalysts above all, then glass fiber manufacturing and chemical catalysts.
Role in the portfolio
Opportunistic allocation. Thin market, huge swings, and the AI Agent trades the extremes.
Scorecard
Scarcity98
Industrial demand75
Supply concentration95
Liquidity25
Team view, not market data.