[ noun ] a white hard metallic element that is one of the platinum group and is found in platinum ores; used in alloys with platinum <noun.substance>
Rhodium \Rho"di*um\, n. [NL., fr. Gr. "ro`don the rose. So called from the rose-red color of certain of its solutions. See {Rhododendron}.] (Chem.) A rare element of the light platinum group. It is found in platinum ores, and obtained free as a white inert metal which it is very difficult to fuse. Symbol Rh. Atomic weight 104.1. Specific gravity 12.
The Soviet Union is the world's biggest producer of palladium and the second largest miner of platinum and rhodium.
The price of nickel realised during the quarter fell by 16 per cent to Dollars 2.93 per pound, while copper, cobalt and rhodium prices were also lower. However, unit production costs for nickel were 9 per cent lower in the second quarter.
But this was more than offset by the increase in the average price of rhodium, which rose from Dollars 2,857 per ounce to Dollars 4,486. Mining also increased.
Salomon formed a venture with a Soviet state concern to market Soviet platinum, palladium and rhodium.
There is no futures market for rhodium, which is used as a catalyst in emission-control units and in refining.
Other dealers believe, however, that a large proportion of the rhodium collateral was sold to Japanese auto makers and dealers.
The report said Japan was ready to buy South African rhodium exports at premium prices if the sanctions pass.
A month ago, rhodium was about $5,000 an ounce.
Johnson Matthey PLC, precious-metals refiner and distributor, estimates that 47,000 ounces of rhodium and 740,000 ounces of platinum were deposited in Switzerland as collateral earlier this year.