钌价格为什么涨了一倍？

Core Viewpoint - Ruthenium, previously an overlooked precious metal, has seen its price double in the past year due to increased demand from high-tech industries, supply-demand mismatches in the catalyst market, and supply constraints from key production regions [1][3][5]. Group 1: Introduction to Ruthenium - Ruthenium is a member of the platinum group metals (PGMs), characterized by its rarity and difficulty in extraction, often found as a byproduct of platinum or nickel mining [1]. - It possesses essential properties such as corrosion resistance, high hardness, and good electrical conductivity, making it irreplaceable in electronics, electrochemistry, and catalysis [1]. Group 2: Price Doubling Factors - The surge in demand for high-performance conductive materials from the explosive growth of AI computing, 5G base stations, and electric vehicles has led to a sudden shortage of Ruthenium, particularly in semiconductor manufacturing [3]. - The catalyst market has experienced a supply-demand mismatch, with emerging industries like ammonia fuel and hydrogen energy rapidly increasing their demand for Ruthenium catalysts, further straining supply [5]. - Key production regions for Ruthenium, such as South Africa and Russia, have faced production declines due to energy costs, mine maintenance, and geopolitical factors, leading to a tightening of supply [5]. Group 3: Psychological Amplifiers of Price Increase - The rising prices of precious metals are often influenced by market expectations and speculation, not solely by supply-demand dynamics [6]. - Industry buyers are preemptively stockpiling materials due to fears of shortages, while speculative funds are driving prices up in both spot and futures markets [6]. - Media coverage amplifying the narrative of scarcity and critical materials has created a market psychology of "buy now or miss out," further driving up prices [6].