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
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.
10 November 2023 | Beresford Clarke
On Thursday this week, the price of palladium passed through $1,000/oz for the first time since September 2018. Substitution for platinum in autocatalysts and a less-than-rosy outlook for 2024 autocatalyst demand has contributed to palladium’s ongoing 18-month bear market.
30 October 2023 | SFA (Oxford) & Heraeus
16 October 2023 | SFA (Oxford) & Heraeus
2 October 2023 | SFA (Oxford) & Heraeus
18 September 2023 | SFA (Oxford) & Heraeus
Iridium price in context, 1995 to 2021
Iridium market balance
|Primary iridium supply|
|Total iridium supply||210||280||275||275||275||280||225||295|
|Total iridium demand||190||210||225||235||230||240||235||255|
|Iridium market balance|
|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.
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.
A comprehensive quarterly report on iridium market fundamentals and integration of future technologies for new and existing end-users.
A proprietary report unlocking the current and future demands for precious metals (Pt, Ir, and Ru) used in electrolysers and fuel cells for the hydrogen economy.
In collaboration with Heraeus, this weekly report makes sure all the key precious metal and macroeconomic developments are fully analysed by the SFA team.
DCF scenario modelling analysing the attractiveness of global PGM projects based on incentivised PGM pricing which can motivate new supply.
An evaluation on future platinum, palladium and rhodium supply risk from mines and projects around the world, and the economic cost of production.