Rhodium to Outpace Platinum and Palladium in 2025, Metals Focus Forecasts
Metals Focus projects rhodium prices to rise 8% in 2025, outpacing platinum (+1%) and palladium (‑5%). The forecast stems from a 23% deficit in rhodium stocks, projected to fall to 349,000 troy ounces, the lowest in four decades, while palladium and platinum deficits are smaller and may require further drawdown. Lower South African production and tightening inventories are driving the rhodium rally, whereas palladium’s surplus expectations and recycling supply are weighing on its price.
Metals Focus projects rhodium prices to rise 8% in 2025, outpacing platinum (+1%) and palladium (‑5%). The forecast stems from a 23% deficit in rhodium stocks, projected to fall to 349,000 troy ounces, the lowest in four decades, while palladium and platinum deficits are smaller and may require further drawdown. Lower South African production and tightening inventories are driving the rhodium rally, whereas palladium’s surplus expectations and recycling supply are weighing on its price.
Short‑term, rhodium traders may see continued upward pressure as inventories tighten, while palladium could face downward momentum if recycling inflows materialize. Platinum may remain largely flat until a deeper deficit materializes, potentially offering a modest upside if supply tightens further. Overall, PGM markets could experience increased volatility as supply‑demand dynamics diverge among the trio.