Core Viewpoint - The Chinese ruthenium industry is at a critical development juncture characterized by severe supply-demand imbalance, with significant risks and opportunities arising from increasing demand in data centers, hydrogen fuel cells, and quantum computing by 2025, while facing supply instability from major producers like South Africa and Russia due to geopolitical risks and logistical challenges [1][9]. Industry Overview - Ruthenium (Ru) is a rare transition metal with a high melting point (approximately 2334°C) and boiling point (approximately 4150°C), primarily extracted from platinum or nickel refining by-products, with global resources concentrated in South Africa and Russia [2][4]. Industry Chain - The upstream of the ruthenium industry involves extraction from associated minerals like platinum, nickel, and copper sulfide ores, with no large independent deposits. Ruthenium can also be recovered from electronic waste and industrial catalysts [4][6]. Current Industry Status - Ruthenium, once an obscure metal, is rapidly becoming a strategic material driving the global digital economy and green transition, with a projected global demand of approximately 1197 megajoules in 2024, reflecting a year-on-year increase of 10.73% [8][9]. Key Enterprises - The competitive landscape of the Chinese ruthenium industry is marked by a heavy reliance on imports and a focus on circular economy practices. Major players include Jinchuan Group, which leverages its resources for strategic metal development, and Guizhou Platinum Group, which leads in precious metal recycling and processing [10][11]. Industry Development Trends 1. Strategic Demand Restructuring: The growth logic of the ruthenium industry is shifting, with explosive growth expected from the renewable energy and semiconductor sectors, particularly in hydrogen energy applications where ruthenium is becoming a key material [14]. 2. Industry Paradigm Shift: The development of a circular economy and efficient recovery from urban mining is essential for ensuring supply chain security in China, with a focus on improving recovery technology and product purity [14]. 3. Optimized Development Environment: The healthy development of the industry relies on comprehensive top-level design and policy support, including the establishment of a national recycling network and financial tools to stabilize the market [15].