The rhodium price has tripled since 2017. Now, the world's most valuable precious metal can be even more expensive, Bloomberg writes.
The metal used in the chemical and automotive industry in catalytic converters is a by-product of platinum extraction.
South African Impala Platinum and Lonmin have been forced to close unprofitable mines to counter lower platinum prices, which, according to Bloomberg, has fallen due to reduced interest in diesel cars.
So far, there have been no mines that only extract rhodium, a fact that has contributed to the price explosion, "says Gerry Dalton, a consultant who has traded precious metals for Heaerus Metals New York for two decades.
The price is now around $ 2,350 per ounce. Ten years ago, the price was $ 10,000 after a power outage in South Africa increased the supply side price.
