Rhodium Prices Plunge 10% in 10 Days as Market Shifts from Shortage to Surplus Expectations

Published: May 28, 2026 11:00

Save

SMM May 28: Rhodium prices have dropped sharply recently, falling from 2,490 yuan/gram to 2,235 yuan/gram over the past 10 days. Market participants indicate that the main reason for rhodium's recent decline is a shift in market expectations from supply shortage to a slight surplus. The previous logic of tight supply driving high prices has changed due to slowing short-term demand and increased supply. Recent reports suggest that first-half production of internal combustion engine vehicles may decline, while some institutions' industry reports forecast that total rhodium demand in 2026 will fall by approximately 6%. As a result, the changes in supply and demand fundamentals, coupled with these market reports, have directly influenced market participants' expectations.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Common.Time.hoursAgo

[SMM Precious Metal Express] Singapore Exchange to Launch OTC Gold Clearing, Boosting Global Market Infrastructure

[SMM Precious Metal Express] Singapore Exchange announced it will establish an OTC gold clearing system and plans to launch central bank vault custody services by October, accelerating global gold market infrastructure development. This move is expected to enhance Singapore's position as an international gold trading hub, providing more comprehensive clearing and custody infrastructure for the precious metals market.

Common.Time.hoursAgo

US-Iran Deal Reopens Strait, Oil Prices Drop, Precious Metals Rise Amid Fed Policy Focus

[SMM Precious Metal Express] The US-Iran agreement has been finalized, with the Strait of Hormuz set to reopen on Friday, sending oil prices sharply lower. However, precious metals rose instead of fell, as market focus shifted from geopolitical risks to Federal Reserve policy expectations. The US dollar index edged up to 99.67, while Treasury yields remained elevated. Precious metals climbed for a third consecutive day, indicating continued inflows of safe-haven capital.

Common.Time.hoursAgo

Jun 15, 2026 09:18

China's May 2026 Financial Data Shows Stable M2, Rising M1, Boosting Precious Metals Sentiment

[SMM Precious Metal Express] China's May 2026 financial data: M2 unchanged, M1 up; Jan-May social financing increment reached 17.48 trillion yuan.

Jun 15, 2026 09:18