Rhodium prices rose modestly this week on small-volume transactions, prompting major European refiners to lift base prices ahead of the year's end.
The Platts New York Dealer rhodium price spread closed the week and the year at $1,640-$1,725/oz, up from $1,525-$1,695/oz last week.
The majority of the business occurred just before the Christmas holiday and earlier this week, sources said Thursday.
UK-based Johnson Matthey closed the week at $1,715/oz, up from $1,700/oz last Friday, while Germany-based Engelhard Materials Services (BASF) ended at $1,725/oz, up from $1,715/oz a week ago.
The prices increases occurred by Wednesday, when London markets reopened after Christmas and Boxing Day. US markets reopened Tuesday.
"[The refiners] marked it up the day after Christmas a little bit, and then it was quiet for the rest of the week," one US PGMs dealer said, putting this week's range of physical deals at $1,685-$1,725/oz.
"I wasn't under the impression that there was really that much going on, with the shortened week and wide [bid/ask] spreads on the screen," he added.
A PGMs refiner sold above $1,700/oz, but agreed that only small transactions had occurred and that the market had been generally quiet. He put the full range of deals for the holiday-shortened week at $1,670-$1,705/oz.
A second PGMs dealer, who put this week's range of deals at $1,625-$1,725/oz, said primary and secondary producers were feeling some pressure to sell and raise cash before the end of the year.
"Once that is cleared out, rhodium can trade on its own accord, but for the time being, we did see a little selling pressure from people liquidating inventory. And I think banks were liquidating inventory, too," he added.
The Platts New York Dealer rhodium price range closed 2017 nearly 122% above last year. Rhodium, mostly used in automobile catalytic converters to control emission pollutants, is now at its highest level since late September 2011.
