Platinum Group Metal Prices, Market Data and Reference

What Are Platinum Group Metals?#

Platinum group metals (PGMs) are six chemically similar transition metals that occur together in nature and are traded and analyzed as a group: platinum, palladium, rhodium, iridium, ruthenium and osmium. PGE (platinum group elements) names the same six metals in geology; PGM is the market's term.

The six metals leave the mine in one concentrate. Smelting at 1,350 °C or more comes first, and the six are then separated by solvent extraction, distillation and ion exchange (IPA/SFA, 2026). Producers report output in baskets, such as 3E: platinum, palladium and rhodium.

The Six PGMs: Platinum, Palladium, Rhodium, Iridium, Ruthenium and Osmium#

Each PGM has its own identity: platinum (Pt, 78), palladium (Pd, 46), rhodium (Rh, 45), iridium (Ir, 77), ruthenium (Ru, 44) and osmium (Os, 76). The six fill groups 8 to 10 of periods 5 and 6, and their identity data are listed below.

The International Platinum Group Metals Association (IPA) publishes PGM factsheets with SFA (Oxford), including 2026 factsheets for ruthenium and osmium. Every one of the six has a live price, and one live price page sets all six side by side.

What Platinum Group Metals Are Used For#

Platinum group metals go into autocatalysts, industrial catalysis, electronics, jewelry, dental alloys, fuel cells and hydrogen electrolyzers. All 22 applications of platinum group metals are indexed under applications of platinum group metals.

The largest use of each metal in 2025, from Johnson Matthey's PGM Market Report of May 2026, is listed below.

• Platinum: autocatalysts, 3,329 koz or 41.5% of 8,019 koz demand; jewelry follows at 1,507 koz.
• Palladium: autocatalysts, 8,227 koz or 81.1% of 10,140 koz.
• Rhodium: autocatalysts, 899 koz or 84.6% of 1,063 koz, just below the 85% to 95% band Johnson Matthey quotes.
• Ruthenium: chemical uses, 567 koz or 44.8% of 1,265 koz.
• Iridium: electrochemical uses, 100 koz or 42.4% of 236 koz.
• Osmium: no Johnson Matthey demand balance covers the metal.

Hydrogen sets the iridium outlook. A PEM electrolyzer needs about 400 kg of iridium per gigawatt today (US DOE, 2022), and WPIC judged 80 kg per gigawatt feasible by 2030 (17 August 2023). At 400 kg per gigawatt, iridium supply binds only at about 15 to 25 GW of new PEM capacity a year.

Fuel cells, electrolyzers and their metal needs are covered under platinum and the hydrogen economy.

Platinum Group Metal Prices Today#

All six platinum group metals have a live price on DailyPlatinum, in troy ounces and grams, each stamped with its source and update time. Only platinum and palladium have futures markets, and their LBMA benchmark prices have been administered by ICE Benchmark Administration (IBA) since 1 July 2026, replacing the London Metal Exchange.

Live Price Snapshot: All 6 PGMs per Troy Ounce and Gram#

The snapshot below shows each metal's current price per troy ounce and per gram, with its 24-hour change, price basis and the time of the last update.

Rhodium, iridium and ruthenium have no exchange price; their reference is Johnson Matthey's base price for sponge, in US dollars per troy ounce, set four times each business day. Osmium has no Johnson Matthey quote, exchange or benchmark, and its only regularly published price is the Osmium-Institut's series for crystalline osmium, per gram.

Every source behind these rows is documented under price data sources.

Which Platinum Group Metal Costs the Most?#

No single PGM always costs the most: the ranking changes with the date and the price series. Rhodium traded around $29,800 per troy ounce in March 2021 on dealer-quoted series, while platinum's all-time high is $2,923 per troy ounce, set on 26 January 2026 (WPIC; $2,860 on Johnson Matthey's base price). Ruthenium set a record of $1,750 per troy ounce on Johnson Matthey's base price on 13 March 2026 (Reuters, Kitco and Mining Weekly, 16 March 2026).

Gram prices dated 24 September 2026 run from a collector product to industrial metal, and four of them are listed below.

• Crystalline osmium: €2,289.84 per gram (osmium-preis.com vendor price).
• Iridium: €252,400 per kilogram, or €252.40 per gram (Umicore fabricated sales price).
• Fine-Osmium: €54.30 per gram (osmium-preis.com vendor price).
• Ruthenium: €53,950 per kilogram, or €53.95 per gram (Umicore fabricated sales price).

Crystalline osmium is a collector product, not wholesale metal. On Umicore's single basis, iridium cost 4.7 times as much as ruthenium that day.

The Platinum Group Metals Market#

The platinum group metals market moves on mine supply, recycling and industrial, jewelry and investment demand, tracked quarterly for platinum by the World Platinum Investment Council (WPIC) and annually for five PGMs by Johnson Matthey. Their bases differ: 2025 platinum demand is 8,019 koz for Johnson Matthey and 8,431 koz for WPIC, so the two never share one calculation. Supply, demand and outlook for the platinum market are tracked on platinum market.

Platinum Group Metals Supply and Demand in 2026#

WPIC forecasts a 265,000-ounce (265 koz) platinum surplus for 2026, reversing a 2025 deficit of over 1.4 million ounces, in its Platinum Quarterly of 9 September 2026. WPIC CEO Trevor Raymond attributes the swing "overwhelmingly due to investment outflows that occurred during the first half of the year." The May 2026 edition had forecast a 297 koz deficit; 2026 investment demand has since moved from a 519 koz inflow to 83 koz of net disinvestment, and above-ground stocks end 2026 at 3.4 months of global demand.

Johnson Matthey's balances, from its PGM Market Report of 14 May 2026, are listed below in thousands of troy ounces; a negative figure is a deficit.

Johnson Matthey keeps platinum in deficit for 2026 while WPIC's September edition expects a surplus, a gap of definitions and publication dates. Ruthenium's 2025 shortfall is "almost a quarter of annual consumption," according to Johnson Matthey.

WPIC describes platinum inventories as "critically depleted" after three consecutive years of significant deficit. That platinum market deficit is sized and explained on platinum market deficit.

Where Platinum Group Metals Are Mined#

South Africa supplies more than 80% of world primary iridium (IPA/SFA, 2026); southern Africa as a whole accounts for up to about 95% (Johnson Matthey, 2022). Russia leads palladium, and South Africa leads the other metals with published country data, as listed below for 2025.

USGS Professional Paper 1802-N places 72% of world PGE resources in the Bushveld Complex, and USGS Mineral Commodity Summaries 2026 puts world PGM resources above 100 million kilograms. The three largest deposits are listed below.

Mine output and recycling for each producing country are set out under platinum supply by country.

Explore DailyPlatinum#

DailyPlatinum's coverage runs from live prices, to selling and buying PGMs, to market and industrial data, in the nine sections listed below.

Prices by Metal#

Prices by metal cover spot prices, benchmarks and dealer quotes for all six PGMs, per troy ounce, gram and kilogram, with LBMA benchmarks and futures for platinum and palladium. All six are on platinum group metal prices today.

Sell PGM Scrap#

PGM scrap is valued on its 3E content, platinum, palladium and rhodium, the basket Sibanye-Stillwater uses in its US recycling reporting. Recycled autocatalysts returned 1,132 koz of platinum, 2,657 koz of palladium and 312 koz of rhodium in 2025 (Johnson Matthey, May 2026). The two scrap guides are listed below.

• Refining routes and value: scrap platinum group metals
• Converter payouts: catalytic converter scrap prices

Invest in Platinum Group Metals#

Investors hold PGMs as bars, coins, exchange-traded funds (ETFs) and futures. The abrdn Physical Platinum Shares ETF (PPLT) held $2.14 billion in assets on 23 September 2026 (abrdn), and the Sprott Physical Platinum and Palladium Trust held 213,820 oz of platinum on 31 August 2026 (Sprott). Each route and its costs are compared on investing in platinum.

Market Data and Producers#

Market data covers balances, producers and refiners across the PGM complex. Sibanye-Stillwater's Section 189A consultations on its Kwezi shaft at Rustenburg, opened on 8 September 2026, put about 1,114 jobs at risk (Mining Weekly). The two market sections are listed below.

• Balances, deficits and outlooks: platinum group metals market data
• Accredited refiners worldwide: PGM refiners

Industrial Applications and Products#

Industrial buyers source PGMs as fabricated products and chemical compounds, from wire and crucibles to catalysts such as Wilkinson's catalyst (CAS 14694-95-2) and chloroplatinic acid (CAS 16941-12-1). The three industrial sections are listed below.

• Uses by sector: industrial applications of platinum group metals
• Wire, powder, foil and crucibles: PGM products
• CAS numbers, structures and uses: PGM compounds and catalysts

Compare PGMs to Gold, Silver and Each Other#

Comparison pages set one PGM against gold, silver or another PGM on price, density and rarity. Osmium, at 22.587 g/cm3, is denser than iridium, at 22.562 g/cm3, by only 0.025 g/cm3, a near-tie settled by X-ray crystallography (Arblaster). The comparison pages are listed below.

• Platinum against gold: platinum vs gold
• All pairings: platinum group metals compared

Tools, Purity and Glossary#

Calculators, purity guides and the glossary turn weights, finenesses and trade terms into exact numbers. One troy ounce equals 31.1034768 grams, one kilogram equals 32.1507466 troy ounces, and 999.5 fineness means 99.95% pure metal. The three reference sections are listed below.

• Weight and value tools: platinum and PGM calculators
• Fineness, hallmarks and testing: platinum purity and hallmarks
• Market, mining and refining terms: PGM glossary

Daily Market News#

The daily report records each business day's PGM price moves and their causes, alongside the major data releases: WPIC's Platinum Quarterly (latest edition 9 September 2026) and Johnson Matthey's PGM Market Report (14 May 2026). Every edition is filed under daily PGM price and market report.

About DailyPlatinum#

DailyPlatinum is an independent, dealer-neutral source of PGM prices, market data and reference facts, written by the DailyPlatinum Editorial Team. Ownership and editorial policy are on about DailyPlatinum.

Platinum Group Metals FAQ#

Readers most often ask what the six PGMs are, which is rarest, and why their prices move; five answers follow.

What are the six platinum group metals?#

The six platinum group metals are platinum, palladium, rhodium, iridium, ruthenium and osmium, listed below with symbol and atomic number.

• Platinum (Pt), element 78
• Palladium (Pd), element 46
• Rhodium (Rh), element 45
• Iridium (Ir), element 77
• Ruthenium (Ru), element 44
• Osmium (Os), element 76

Which platinum group metal is the rarest?#

Osmium is the rarest platinum group metal by production: world output is about 500 to 550 kilograms a year (2024-2025), according to SFA (Oxford) for the IPA. Iridium follows with 7.1 tonnes of primary supply in 2025 and rhodium with 21.8 tonnes, both on Johnson Matthey's May 2026 basis, so rhodium supply is 3.1 times iridium's.

What is the difference between PGM and PGE?#

PGM and PGE name the same six metals: PGM (platinum group metals) is the market's term, PGE (platinum group elements) the geologist's. Basket labels differ more: in a producer's report, 6E means platinum, palladium, rhodium, ruthenium, iridium and gold, without osmium (Implats), while 6PGE in assay reporting means all six PGMs without gold.

Why are PGM prices falling?#

PGM prices fall when a market moves toward surplus, as investment outflows or weaker automotive demand leave more metal than buyers take. Platinum's 2026 case is investment: WPIC's Platinum Quarterly of 9 September 2026 forecasts 83 koz of net disinvestment and a 265 koz surplus. Palladium's case is automotive: Johnson Matthey (May 2026) expects autocatalyst demand to fall from 8,227 koz in 2025 to 7,829 koz in 2026, turning a 416 koz deficit into a 214 koz surplus.

Is Platinum Group Metals Ltd (PLG) the same thing as the platinum group metals market?#

No: Platinum Group Metals Ltd. (TSX and NYSE American: PLG) is a mining company that shares its name with the metal group. It develops the palladium-dominant Waterberg project on the Northern Limb of South Africa's Bushveld Complex and held 37.425% of Waterberg JV Resources, according to its SEC Form 6-K of February 2026. DailyPlatinum covers the metals, not mining-company stocks.