In Q4’25, indium prices moved upward and remained volatile due to tight supply and rising strategic importance. Supply stayed limited because indium was produced only as a by-product of zinc mining, and there was no rapid way to increase output even as demand grew. Any disruption in zinc processing or smelter activity quickly affected indium availability, keeping the market tight.
Demand strengthened during the quarter as technology sectors expanded. Growth in advanced electronics, 5G networks, displays, and semiconductor manufacturing increased the need for indium-based materials. The rapid development of artificial intelligence infrastructure also added pressure, as high-performance chips required materials with strong thermal and electrical properties.
Geopolitical factors played a major role. China continued to dominate global refining and exports, while export controls and lower shipment volumes increased uncertainty. In response, the United States accelerated efforts to secure domestic supply by supporting exploration projects and planning strategic stockpiling. New exploration activity, especially in the US and Australia, improved long-term confidence but did not ease short-term supply tightness.