Ruthenium has more than doubled in price over the past 12 months, reaching US$1,780.14 per troy ounce on 13 October 2026, according to Critical Minerals Platform (CMP) Verified Pricing. The metal has gained 109.43% over the year, with a further upward trend of 13.13% over the past three months.

 

Growing investment in AI infrastructure has drawn attention to ruthenium's role in hard disk drive technology, while its applications in electronics and industrial catalysts support wider demand. Concentrated platinum-group metal production continues to constrain supply, contributing to price pressures in this relatively small market.

 

CMP currently rates ruthenium's physical supply risk as High.

 

Growing demand from data storage and electronics, combined with concentrated supply, is bringing greater attention to this relatively small platinum-group metal market.

 

Ruthenium plays an important role in magnetic recording technology used in hard disk drives, which provide large-scale storage for cloud computing and AI infrastructure.

 

According to Johnson Matthey, data-centre expansion is expected to lift demand for ruthenium in hard disk drives to a five-year high in 2026, even as total ruthenium demand is forecast to decline because of weaker chemical-sector consumption.

 

Ruthenium is also used in chip resistors, specialised electrical components and coatings. Its electrical and chemical properties make it valuable in applications requiring durability and reliable performance.

 

The US Geological Survey identifies ruthenium's role in electronics, while Japanese specialist manufacturer Furuya Metal describes its use in hard disk drive recording technology.

 

Most ruthenium is recovered as a by-product of platinum-group metal mining, particularly in South Africa and Russia. This limits the ability of producers to increase ruthenium output independently in response to higher prices.

 

The combination of specialised industrial demand and concentrated supply can lead to significant price movements in this relatively small market.

 

Latest price: US$1,780.14/troy oz

12-month change: +109.43%

Three-month trend: +13.13%

Physical supply risk: High

Price confidence: B

Source: Critical Minerals Platform (CMP) Verified Pricing, Global FOB, 13 October 2026.
 

These figures highlight the importance of monitoring ruthenium alongside the other strategic materials used in electronics, data centres and advanced manufacturing.

 

 

CMP Verified Pricing identifies independently developed reference prices assessed under CMP's proprietary pricing methodology.

 

Each price series includes a material specification, pricing basis, reference date and confidence assessment to help users understand and interpret the reported price.

 

The CMP platform provides pricing histories, forecasts, supply-risk assessments and supply-chain intelligence for almost 70 critical and strategic minerals.

 

 

 

Intelligence provided by Critical Minerals Platform