SPM(SH:600459) Chan Ye Xin Xi Wang·2025-09-17 01:24Group 1: Industry Overview - Rhodium is considered "black gold" among platinum group metals, with a scarcity far exceeding that of gold [1][3] - Global rhodium supply in 2024 is estimated at approximately 31.1 tons, with 21.9 tons from mining and 9.2 tons from recycling [1][3] - South Africa, Russia, and Canada are the primary sources of rhodium, with over 90% of global reserves located in South Africa [1][3] Group 2: Domestic Market Situation - China's total rhodium reserves are only 3.23 tons, leading to a high dependency on imports [4][5] - In 2024, China's rhodium supply is projected at 3147.36 kg, with imports of 2910.23 kg and a demand of 6012.57 kg [5][4] Group 3: Industry Chain and Production Process - Rhodium is extracted as a byproduct during the refining of platinum and nickel/copper ores, making the upstream supply highly concentrated [6][8] - The production process involves mining, smelting, and refining, requiring complex separation and purification techniques [2][3] Group 4: Demand Distribution - In 2024, global rhodium demand is expected to reach 33.1 tons, with 87.31% of this demand coming from the automotive catalytic converter sector [4][5] Group 5: Competitive Landscape - Major global producers include Anglo American, Sibanye Stillwater, and Nornickel, which dominate the rhodium market due to their extensive resources and advanced technologies [9][10] - In China, key players include Jinchuan Group and Guizhou Platinum Industry, which are enhancing their refining and recycling capabilities [9][10] Group 6: Future Trends - The strategic value of rhodium is expected to increase with the deepening of the new energy revolution, leading to a rising price trend [10] - The rhodium recycling market is anticipated to experience growth in both volume and price due to tightening environmental regulations [10]