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

The impact on PGMs from Russia-Ukraine action
25 February 2022 | Beresford Clarke
Sanctions on Russia could impact PGM supply significantly.

Where next for palladium?
14 September 2021 | Stephen A. Forrest, Beresford Clarke
Read SFA's latest edition of The Palladium Standard which discusses current palladium market dynamics, price outlook, and feature articles from selected players, as well as our latest platinum and rhodium outlooks.
Growing 5G smartphone sales and 5G towers signal more silver demand
28 March 2022 | SFA (Oxford) & Heraeus
Russia-Ukraine conflict puts Pd and Rh automotive demand at risk
21 March 2022 | SFA (Oxford) & Heraeus – Edition 9
Will high US gas prices push people into BEVs and impact PGMs?
14 March 2022 | SFA (Oxford) & Heraeus – Edition 8
Russian invasion could accelerate platinum substitution into autocatalysts
7 March 2022 | SFA (Oxford) & Heraeus – Edition 7
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

Yolandé Fourie
Senior Consultant Metallurgist

Nelsa Martins
Senior Technical Consultant

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