Ruthenium Prices Surge to Record High on AI Data Center Demand

Prices of Ruthenium, a rare member of the platinum group metals, have climbed to record levels as the rapid expansion of artificial intelligence infrastructure tightens global supply.

Ruthenium is widely used in electronics, semiconductors and chemical processing, but demand is rising sharply due to the growth of AI-powered data centres and cloud computing. The metal plays a key role in hard disk drives, where it is used in magnetic layers essential for high-capacity data storage.

Benchmark data from Johnson Matthey shows ruthenium prices reaching around $1,750 per ounce in March, a sharp increase from roughly $560 a year earlier. Analysts say investors are increasingly viewing the metal as a strategic material linked to the AI infrastructure boom.

Supply, however, remains limited because ruthenium is produced mainly as a by-product of platinum group metal mining, largely concentrated in South Africa. According to Statistics South Africa, platinum group metal output in the country has been gradually declining, further tightening availability.

Source: The Economic Times