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

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.

Palladium: How low can it go?
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.
Silver Solar demand could be clouded by recession in the EU
30 October 2023 | SFA (Oxford) & Heraeus
PGM price seasonality
16 October 2023 | SFA (Oxford) & Heraeus
Gold has headwinds but the outlook is bright
2 October 2023 | SFA (Oxford) & Heraeus
South Africa’s PGM miners are treading water in a sea of rising costs
18 September 2023 | SFA (Oxford) & Heraeus
Iridium price in context, 1995 to 2021

Iridium market balance
koz | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021f | |
Primary iridium supply | |||||||||
South Africa | |||||||||
Russia | |||||||||
Zimbabwe | |||||||||
Other | |||||||||
Total iridium supply | 210 | 280 | 275 | 275 | 275 | 280 | 225 | 295 | |
Iridium demand |
|||||||||
Jewellery | |||||||||
Hydrogen | |||||||||
Automotive | |||||||||
Chemical | |||||||||
Electrical | |||||||||
Other | |||||||||
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.


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.

Meet the Iridium team
Trusted advice from a dedicated team of experts.

Dr Jenny Watts
Head of Clean Energy & Sustainability

Alex Biddle
Senior Mining Analyst

Jamie Underwood
Principal Consultant

Dr Sandeep Kaler
Market Strategy Analyst

Gyubin Hwang
Consultant

Dr Tugce Ayvali
Consultant

How can we help you?
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