Little known to the general public but highly sought after in the automotive industry for its ability to limit pollution, rhodium has recently seen its price skyrocket, to the point of being considered the ” most expensive metal in the world .” Let’s find out more about this now precious metal that is also used in chemistry and jewelry.
This is the most expensive metal in the world
Forget gold or silver if you want to invest in a precious metal. Currently, rhodium is the most expensive metal in the world. Unknown to the general public, rhodium is used in particular in the automotive industry : together with palladium and platinum, it is found mostly in the catalytic converter or catalyst, which is part of the systems used to reduce gas emissions toxic exhaust pipes.
Currently and due to the new anti-pollution regulations, the demand for rhodium has exploded in recent years, causing the prices of this metal to rise constantly. In fact, its listing figures show the value of rhodium, although in January of this year it was priced at more than $ 20,000 an ounce (about 16,418 euros), once again reaching a historical record and multiplying its value almost by three compared to 2019. In fact, in the last five years this metal has increased more than 3,000%.
What is rhodium
To better understand what is now considered “the most expensive metal in the world”, we have to say that rhodium is a silvery white metal of the platinoid family , similar in appearance to silver, very hard and highly resistant to corrosion , but that It is not mined, although rhodium is a by-product of platinum or nickel mining.
What is it for ?
As we have mentioned, rhodium is used mainly by the automotive industry in the manufacture of exhaust catalysts because it allows limiting the emission of polluting gases, in particular nitrogen oxide (NOx). Rhodium also finds uses in chemistry and in the composition of jewelry , such as certain necklaces or bracelets from the Swarovski catalog.
Where is it located?
South Africa is responsible for extracting between 80% and 85% of world production , with the rest being extracted between Russia and the rest of the world. Total production has been around 26 tons per year for the last three years, to which is added between 10 and 13 tons of recycled rhodium. The extraction conditions are not without certain risks, although it has a potentially carcinogenic toxicity.
Why is very expensive?
Its scarcity and dependence on its supply from an extraction area are among the main factors in the high cost of rhodium. To this is added what has already been mentioned: the strong demand from the automotive industry driven by anti-pollution measures both in Europe and in China, where demand increased dramatically last year (+ 14%), generating a market deficit.
