Ruthenium, a minor metal in the platinum-group metals (PGMs), has climbed to $1,750 per ounce in March, up from $560 a year earlier, according to LSEG data citing Johnson Matthey benchmark prices Reuters reports.
Analysts say supply is structurally constrained because ruthenium is produced only as a by-product of PGM mining, largely in South Africa.
Wilma Swarts, director of PGMs at Metals Focus, predicts a 203,000-ounce deficit in 2026, highlighting the supply pressures facing the market.
Tantalite supply hits turbulence
Tantalite, the primary source of tantalum used in capacitors, aerospace components, and nuclear technology, has surged to its highest level in more than two decades, with European prices reaching $200–$210 per pound, a 90% year-to-date jump.
Despite its informal status, the shutdown is disrupting exports, much of which ends up in China, the top consumer, according to market sources. The U.S. Geological Survey notes that the DRC produced more than 50% of global tantalum output in 2025, while Rwanda also remains a significant producer.
Sian Morris, a senior analyst at Argus told Reuters that demand is rising as AI data centers and industrial gas turbines increasingly require tantalum-containing components.
Analysts warn that both metals are becoming critical to the global tech supply chain, with Africa, particularly South Africa and the DRC positioned as a decisive source of supply.
As AI adoption accelerates and supply pressures persist, prices are expected to remain elevated, cementing the continent’s strategic importance in next-generation technology minerals.
