The 8,250 ozt threshold is orders of magnitude below current estimated glass-sector usage, so this market looks substantially mispriced unless there is some very exotic resolution definition or data source that implies a radically different baseline.

The Johnson Matthey and SFA data imply that the question’s bar is set far below current and forecast rhodium usage in glass; the main uncertainty is how the market creators are defining “demand” and whether they’re aligning it with JM’s “new metal” metric or something idiosyncratic.