Ruthenium

Ruthenium and iridium are very similar metals and are frequently used together. Their synergy can increase performance even at low metal loadings, reducing the risk of substitution to other metals and technologies, so supporting demand despite high prices. 

Both ruthenium and iridium are used together in varying ratios in electrode coatings able to withstand the very harsh operating conditions of a wide range of electrochemical processes, including the production of bulk chemical intermediates chlorine and sodium hydroxide. A diverse set of water treatment processes rely on these electrodes too, including for swimming pool chlorination and for ship ballast water purification.

Ruthenium-based technologies continue provide a cost-effective and reliable solution for data storage. Hard disk drive technologies are advancing, increasing the amount of data that can be stored per disk, supporting data centre growth. Ruthenium-based technologies though are expected to reach a capacity limit; alternative storage technologies, including heat-assisted magnetic recording which uses much lower amounts of ruthenium, are already in production, to deliver higher capacity drives.

Ruthenium has applications throughout the hydrogen value chain, including with iridium in green hydrogen production, but with particular interest in the mid-stream where it is a highly effective catalyst for using ammonia as a hydrogen carrier. Volumes of ruthenium remain small in these applications, but there is long-term interest in green ammonia as a low-carbon shipping fuel.

Ruthenium demand
2025

Source: SFA (Oxford)