In the world of precious metals, names like gold, silver, and platinum often take the spotlight. However, there’s another metal that deserves our attention – ruthenium. Ruthenium is a lesser-known member of the platinum group metals (PGMs) with unique properties and applications. In this blog, we’ll delve into the fascinating world of ruthenium and explore its price per ounce, gram, and kilogram.
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Understanding Ruthenium
Before we dive into ruthenium’s price, let’s get to know this remarkable metal a little better. Ruthenium is a rare and silvery-white transition metal, known for its high melting point, remarkable resistance to corrosion, and exceptional electrical conductivity. It’s primarily obtained as a byproduct of platinum and nickel mining, making it relatively scarce.
Ruthenium’s Applications
Despite its scarcity, ruthenium plays a vital role in various industries:
- Electronics: Ruthenium is used in the production of electrical contacts, thick-film resistors, and capacitors due to its high conductivity and resistance to oxidation.
- Catalysis: Ruthenium compounds serve as excellent catalysts in the chemical industry, facilitating essential reactions like hydrogenation and olefin metathesis.
- Jewelry: Ruthenium is often used as a plating material for jewelry, giving it a beautiful, dark, and glossy finish.
- Nuclear Batteries: Ruthenium-106 is utilized in radioisotope thermoelectric generators, powering remote space probes and satellites.
- Medicine: Ruthenium-based compounds are investigated for their potential in cancer treatment and other medical applications.
Now that we have a better understanding of ruthenium’s significance, let’s explore its current price in various forms.
Ruthenium Price Per Ounce
Ruthenium is typically sold by the ounce in the market. As of my last knowledge update in September 2021, the price of ruthenium per ounce was approximately $280. However, it’s important to note that ruthenium’s price can be quite volatile due to its limited supply and fluctuating demand.
Ruthenium Price Per Gram
For those interested in smaller quantities, the price of ruthenium per gram provides a more practical perspective. In September 2021, ruthenium was priced at around $9 per gram. Keep in mind that this price may vary over time and according to market conditions.
Ruthenium Price Per Kilogram
If you’re thinking about larger-scale applications or investments, the price of ruthenium per kilogram is a crucial consideration. In 2021, ruthenium’s price per kilogram was approximately $9,000. Again, this figure can change significantly depending on economic factors, industrial demand, and mining production.
Factors Influencing Ruthenium’s Price
Several factors influence ruthenium’s price, including:
- Industrial Demand: The demand for ruthenium in industries like electronics, catalysis, and energy can impact its price.
- Supply: As a byproduct of other mining activities, fluctuations in platinum and nickel production can affect ruthenium’s supply and price.
- Market Speculation: Like other commodities, ruthenium’s price can be influenced by speculative trading on commodity markets.
Conclusion
Ruthenium may not be as famous as its precious metal cousins, but its unique properties and diverse applications make it an intriguing element in the world of materials science and industry. As you consider its price per ounce, gram, or kilogram, keep in mind that this rare metal’s value can fluctuate significantly. Staying informed about the latest developments in ruthenium pricing is crucial for anyone involved in industries where this precious metal plays a pivotal role.