The only independent iridium and ruthenium price report

Our Iridium & Ruthenium Quarterly Market Report provides an independent five-year metal price outlook to 2030, including near-term risks and longer-term drivers of supply and demand.

Our Q1 2026 report will augment your decision-making at a time of high prices and turbulence across the precious metals markets broader geopolitical uncertainties. Key topics include:

• Impact of current high prices on future supply and demand.

• Risks to liquidity as minor PGMs are increasingly viewed as critical materials.

• How mine supply is impacted by high prices: some scope to lift production in the near term, but longer-term output plans are more complex.

• Demand response to record-high prices; sector impacts, opportunities for substitution, and technology trends affecting demand in the near and longer terms, especially in the electrical sector (hard disk drives, crucibles).

The content of each market report varies according to ruthenium and iridium industry events, market developments, and demand updates by end-use but typically, the reports will include:

• Demand developments and new market threats and opportunities, with particular reference to technology shifts, substitution and price sensitivity of end users, where relevant.

• Macroeconomic outlook and impact on supply and demand fundamentals and technology, with assessments of monthly trade flow statistics of iridium and ruthenium exports and imports.

• Highlights of positive and negative metal demand implications by end-use.

Iridium demand impacts and new market threats:

• Tracking and reporting on the markets using iridium crucibles for high purity crystal growing.

• Tracking and reporting on the usage of iridium in the catalysis, biomedical, jewellery, electrical and automotive sectors.

• Electrochemical processes covering for example established markets (chloralkali process), legislatively-driven markets (ballast water treatment), applications serving growing markets (copper foil production for electric vehicle batteries)

• Highlighting iridium’s role in hydrogen economy; while many current projects have been cut and longer term growth projections have shrunk, we continue to monitor this sector.

Ruthenium demand impacts and new market threats:

• Role of ruthenium in data storage technologies and the growth of artificial intelligence; overview of risks from competing technologies - magnitude and roll-out timescale.

• Chemical catalysis using ruthenium, with particular reference to new plant capacity additions and to regional process differences.

• Electrochemical processes covering for example established markets (chloralkali process), legislatively-driven markets (ballast water treatment), applications serving growing markets (copper foil production for electric vehicle batteries)

• Opportunities for ruthenium catalysts in the emerging ammonia/hydrogen value chain to decarbonise industry and transport.

Who should read this report?

• Iridium and Ruthenium-/PGM-focused end-users and fabricators in need of a quarterly independent picture of the supply, demand, stocks and pricing of the iridium and ruthenium market and its evolving technologies and new applications.

• Producers and fabricators requiring a quarterly independent review of end-use evolution, including opportunities, threats and substitutes, as well as an understanding of price risks.

Live Q&A with analysts

• Each quarterly report is supported by a video call, most often hosted through MS Teams and led by Dr Jenny Watts, to run through our latest report, and address any further questions your team may have.

Smaller end-use application impacts:

• Other industrial end-use markets which use iridium and ruthenium such as electrical, medical alloys, reforming catalysts, spark plugs and glow plugs, fine chemicals and pharmaceuticals.

• Legislation as a driver of demand, where it affects certain processes.

• Companies identifying mergers and acquisitions, joint ventures and any other activities that may influence technology choices.

Mine supply and mining economic impacts:

• Updates on the present and future stability and growth of primary iridium and ruthenium supply from the leading producers, the implications of metal supply, and estimates of above-ground iridium and ruthenium stocks.

• The economics of primary iridium and ruthenium supply, including factors influencing cost inflation and exchange rate and volume impacts.

• Commentary on the political and socio-economic risks impacting primary supply, including politically sensitive iridium-producing regions (South Africa, Zimbabwe and Russia).

Iridium and ruthenium price forecasts:

• Price history and performance drivers of metal prices with a four-year outlook to 2029.

• 'What if' scenario analysis and threats to current prices (substitution and new technologies).

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