Valterra Platinum, operator of Platreef, UG2, Merensky and Great Dyke PGM ores, has publicly targeted chrome concentrate sales exceeding 2 million mt over the next five years under its Vision 2031 strategy. Increased chrome recovery from PGM ore processing streams could tighten available PGM ore feedstocks and influence PGM concentrate availability and pricing.
Valterra Platinum's refined PGM output fell in 2025 after February flooding at its Amandelbult mine disrupted supply, with production recovering later in the year as operations normalized. The supply contraction, combined with processing bottlenecks earlier in the year, tightened available refined PGM volumes.
| Product | Region | Incoterm Basis | Price | Last Updated Month |
|---|---|---|---|---|
| Iridium | China | FOB | USD 268.36/Gram | August 2026 |
| Iridium | India | CIF | USD 268.36/Gram | August 2026 |
| Iridium | USA | CIF | USD 268.36/Gram | August 2026 |
| Iridium | Brazil | CIF | USD 268.36/Gram | August 2026 |
| Iridium | Canada | CIF | USD 268.36/Gram | August 2026 |
| Iridium | China | FOB | USD 258.60/Gram | July 2026 |
| Iridium | India | CIF | USD 258.71/Gram | July 2026 |
| Iridium | USA | CIF | USD 258.79/Gram | July 2026 |
| Iridium | Brazil | CIF | USD 258.78/Gram | July 2026 |
| Iridium | Canada | CIF | USD 258.79/Gram | July 2026 |
Stay updated with the latest Iridium prices, historical data, and tailored regional analysis
In China, the average price of Iridium was ~USD 230/gram in June. The market remained supported by constrained primary availability and expectations of a modest structural deficit, while stronger South African PGM refining increased physical availability during the quarter. Valterra Platinum reported refined PGM production of 778,500 ounces in Q1 2026, up 78% year on year, providing additional metal into the market. However, South African recovery was partly offset by weaker Russian PGM output. In India, the average Iridium price was ~USD 230/gram in June. Demand remained linked to specialised applications, while the global market continued to be influenced by the limited number of producers and dependence on PGM mining economics. In the USA, Iridium averaged ~USD 230/gram in June. North American supply remained constrained as broader PGM mine output faced pressure, although its direct effect on iridium was limited because regional ores contain relatively little iridium.
Analyst Insight
According to Procurement Resource, iridium is likely to retain underlying support from emerging hydrogen demand, while higher South African refined availability could limit sharper gains.
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Iridium prices remained elevated through Q1 2026, largely tracking bullish sentiment in the wider platinum group metals complex. Market fundamentals were shaped by ongoing tight supply conditions from South Africa, a major global PGM-producing region, which had already driven precious metal prices sharply higher into early 2026. A key market development came from Impala Platinum, which stated that despite the ongoing rally, current price levels still do not justify new mining projects, with the producer instead focusing on extending the life of existing shafts to maintain output. This reinforced expectations of constrained future supply additions across PGMs, indirectly supporting iridium market firmness. On the demand side, sentiment improved after the European Union’s reversal on its 2035 combustion-engine ban, which supported expectations for longer-term autocatalyst-related PGM consumption, although structural pressure from electric vehicle adoption continued to limit stronger long-term demand confidence.
Iridium is a chemical element with the atomic number 77. It is a hard, brittle, silvery-white transition metal of the platinum group. Iridium is known to be the second-densest metal after osmium. It is one of the most corrosion-resistant metals, even at temperatures of 2000 °C.
Ir
Cosmetics, Crystals, Industrial appliances, Medical appliances, Coating for non-conductive materials
Iridium black, Iridium Ion
Umicore N.V, BASF SE, Russian Platinum, Anglo American Platinum Limited, Johnson Matthey
CurrencyUS$ (Data can also be provided in local currency)
Supplier Database AvailabilityYes
Customization ScopeThe report can be customized as per the requirements of the customer
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Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
Iridium is removed from the other platinum group metals by precipitating ammonium hexachloroiridate or by extracting IrCl2−6 with organic amines.
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