Do you know which metal became the top price performer in the first half of 2025?

In 2025, the global raw materials market underwent major shifts. Technological breakthroughs, geopolitical tensions, and changing resource needs reshaped the way metals are valued. Yet one metal stood out from the rest.

Ruthenium – a platinum group metal (PGM) – is experiencing a true price renaissance.

From January to June, ruthenium prices soared from $465 to $800 per troy ounce – a +72% increase in just six months, making it the fastest-growing among all key industrial and precious metals.

What’s driving this surge?

The artificial intelligence (AI) boom is reshaping industries. As AI adoption accelerates, data generation has skyrocketed – and that data needs to be stored reliably and efficiently.

While cloud-based systems dominate the narrative, hard disk drives (HDDs) remain critical infrastructure. Ruthenium is a key material used in the magnetic layers of HDD platters, enabling high-density storage.

Where is ruthenium used in manufacturing?

Electronics:
• Thick-film resistors – used in a wide range of electronic components
• Electrical contacts and switches – prized for corrosion resistance and conductivity

Catalysts:
• Applied in the chemical industry – especially in hydrogenation and ammonia production
• Typically supported on activated carbon, titanium, or silicon substrates

Thin-film coatings:
• Found in HDD surfaces and optical films, enhancing durability

Sensors and energy applications:
• Used in chemical sensors and electrolysis electrodes, often coated on titanium grids

Other uses:
• Jewelry and watchmaking – for its durability and unique appearance

Strategic importance + limited supply = price pressure

Global ruthenium supply is limited to just ~30 metric tons per year.
It is extracted as a byproduct of platinum and nickel mining – a complex and costly process.

As demand accelerates, this rare metal is gaining prominence across global markets.

Industry experts forecast continued growth, especially in the electronics, energy, and advanced chemistry sectors.

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