Contact Us

The Iridium Market

Iridium price drivers

An introduction to iridium

Iridium demand is highly diversified, led by electrochemical (chloralkali process electrodes), with crucibles for melting electronic materials, catalysis and alloys with other PGMs in jewellery and medical products significant too.

Iridium has recently performed strongly and the metal is well established in several processes and components where it will be quite difficult to substitute out. However, prospective end-users remain wary of committing to a metal perceived as having limited long-term supply and a track record of volatile prices.

SFA (Oxford) is the only company in the world to have derived iridium mine production volumes and developed detailed demand modelling of all major end-uses to provide an authoritative view of the current and future iridium market.

Iridium price news and insights

SFA's expert view on the palladium price spike

18 December 2023 | Dr Ralph Grimble

The palladium price surged last week due to a convergence of positive factors. The Fed acknowledged the peak in US inflation during its press conference, leading to a more dovish outlook for interest rates and a weaker US dollar, supporting commodity prices.

What does Heraeus’ new catalyst do for Ir and Ru markets?

15 November 2023 | Dr Jenny Watts

On 14 November, Heraeus and Sibanye-Stillwater launched a new electrocatalyst for green hydrogen production by PEM electrolysis. This ruthenium-based catalyst aims to overcome PEM electrolyser industry scaling-up concerns.

Iridium price in context, 1995 to 2021

The Iridium Market

Iridium market balance


 koz   2014 2015 2016 2017 2018 2019 2020 2021f
Primary iridium supply              
 South Africa                  
 Total iridium supply 210 280 275 275 275 280 225 295
Iridium demand
 Total iridium demand 190 210 225 235 230 240 235 255
Iridium market balance                
 Iridium balance 20 70 50 40 45 40 -10 40
Iridium price history                
 Iridium price (USD/oz) 555 544 575 896 1,283 1,480 1,629 5,075
 Iridium price (GBP/oz) 337 356 429 694 967 1,160 1,268 3,862
 Iridium price (EUR/oz) 419 490 521 792 1,092 1,322 1,425 4,288
 Iridium price (CNY/OZ) 3,424 3,414 3,829 6,044 8,536 10,225 11,220 32,751
 Iridium price (ZAR/oz) 6,017 6,917 8,413 11,934 17,195 21,379 26,757 74,685
 Iridium price (JPY/oz) 58,714 65,782 62,480 100,445 141,993 161,354 173,688 557,847

Source: SFA (Oxford). Updated November 2021.

The Platinum Standard

The Platinum Standard comprises analytical articles on those issues we believe will set the PGM agenda for the years ahead and is released annually in May on the eve of London Platinum Week.

The Palladium Standard

The Palladium Standard comprises analytical articles on those issues we believe will set the PGM agenda for the years ahead and is released annually in September on the eve of New York Platinum Week.

Linked iridium market reports

In response to requests for more regular iridium market intelligence, we now produce a bespoke quarterly iridium market report that allows you to keep up to date with this market.

The Iridium and Ruthenium Market Report

A joint quarterly report on iridium and ruthenium market fundamentals analysing the technological developments of end-uses, metal availability and price risk outlook.

Meet the Iridium team

Trusted advice from a dedicated team of experts.

Dr Jenny Watts

Head of Clean Energy & Sustainability

Lee Hockey

Precious Metals Expert

Alex Biddle

Senior Mining Analyst

Jamie Underwood

Principal Consultant

Dr Sandeep Kaler

Market Strategy Analyst

How can we help you?

SFA (Oxford) provides bespoke, independent intelligence on the strategic metal markets, specifically tailored to your needs. To find out more about what we can offer you, please contact us.

Get in touch