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.minsAgo

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.

Common.Time.minsAgo

US and Iran Reach Agreement, Geopolitical Risks Fall, Oil Prices Drop, Precious Metals Rise

[SMM Precious Metal Express] The US and Iran reached a memorandum of understanding to be formally signed on Friday, June 20, in Switzerland, with an immediate end to all front-line hostilities and free passage through the Strait of Hormuz. Geopolitical risk premiums have fallen sharply. Oil prices plunged at the open, while precious metals gapped higher.

Common.Time.minsAgo

Jun 12, 2026 10:29

Platinum Group Metals Rebound as Trump Suspends Airstrikes, Rhodium Rises

Following Trump’s post suspending airstrikes recently, platinum group metals (PGMs), which had been under severe downward pressure, staged a sharp rebound. Rhodium halted its streak of consecutive declines and edged higher, with prices hovering around RMB 1,970 per gram. Market participants note that PGMs are currently at a double low in technical indicators and market sentiment, endowing them with upward rebound momentum.

Jun 12, 2026 10:29