Platinum Prices Continued in the Doldrums, Spot Market Trading Normal [SMM Daily Review]

Rhodium Prices Drop 10% in 10 Days as Market Shifts from Shortage to Surplus Amid Slowing Demand

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.

[SMM Daily Review: Silver Prices Under Pressure with Center Shifting Downward, Month-End Spot Supply-Demand Both Weak] SMM reported on May 28 that, affected by the escalation of US-Iran tensions and the rise of the US dollar, silver prices came under pressure today. Meanwhile, at the month-end, the spot market was constrained by invoice limitations with fewer offers, presenting an overall pattern of weak supply and demand on both sides and sluggish trading.