The only independent iridium and ruthenium price report

In response to requests for more regular market intelligence, we produce a quarterly iridium and ruthenium market report, keeping you up-to-date with these markets. The Iridium & Ruthenium Quarterly Market Report offers an independent five-year metal price outlook to 2029 with both near-term risks and longer-term drivers of supply and demand.

Our Q3 report will augment your strategic decision-making, considering both the established industrial markets and the rapidly evolving opportunities and risks in the green hydrogen sector.

We assess the supply risks from falling PGM prices, ongoing power shortages in South Africa, and the geopolitical issues affecting Russian output, as well as opportunities for thrifting and recycling to relieve supply constraints. On the demand side, our analysis includes the influence of the worsening global macro situation, a slowdown in the growth of the hydrogen sector, and the impacts on consumer demand for iridium and ruthenium-based products and prices. In contrast, we also examine the poised return for growth in the electrical sector and how that may impact the price of these metals.

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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