Iridium Price Trend and Forecast

Regional Price Overview

Get the latest insights on price movement and trend analysis of Iridium in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Iridium Price Trend for the Second Half of 2023

Iridium is a rare earth metal found in the platinum group in the periodic table. As the name suggests, it is a rarely found metal in the earth’s crust, and because of the very same reason, not many industrial applications could be conventionally deciphered for it. Hence, the mining for iridium is also limited, and generally, the prices don’t show many fluctuations. However, the trend has been changing in recent times.

Iridium Price Chart

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Some new technological products have been using iridium. Due to its high melting point and great strength, it is being used to make spark plugs for internal combustion engines and other equipment that require very high-temperature applications, like spacecraft components. Brachytherapy, a radiation therapy for cancer treatment, also uses iridium isotopes. Overall, a very marginal and confined upward movement was noticed in the iridium price trend during the said time period.

Analyst Insight

According to Procurement Resource, the iridium prices are expected to vary within a very narrow range in the coming months; not much fluctuation in the prices is anticipated.

Iridium Price Trend for the First Half of 2023

Iridium market exhibited rising price trend throughout the first half of 2023. The need for cleaner and greener fuels rose, and global economic inflation also pushed up the prices for commodities. As scientists discovered that water could also be a very potent source of energy if we separate hydrogen from oxygen, the market for Iridium metal grew as it is heavily employed during the PEM (Proton Exchange Membrane) process for oxygen evolution.

As this technique saw an increased utilization over the course of the discussed period, the prices for this precious transition metal were bound to grow. Iridium prices, too, saw a steady but consistent upward movement for both the initial quarters of the year 2023.

Analyst Insight

According to Procurement Resource, the price trend for Iridium are likely to incline in the coming future as the demand for greener and alternate fuels is on the rise.

Iridium Price Trend for the Second Half of 2022

The prices of Iridium showcased an oscillating trajectory in the third and fourth quarters of 2022. The surge in demand during this period was due to the increasing support from engineering and related projects that drove the price trend of the commodity. Along with this, the prices inclined as a result of the increasing consumer database. However occasional dips were seen in the trend as prices suffered due to the increasing production costs and high costs of services required in obtaining this rare earth metal.

In China, the prices of rare earth metals including Iridium kept on increasing as the region showcases high demand from the magnet industry. Implications of restrictions leading to disruptions in the supply chain dynamics of the region also led to the rise in prices.

Analyst Insight

According to Procurement Resource, the price trend of Iridium is expected to increase in the upcoming quarter. The rising demand from the end-user industries coupled with the uncertainties in the supply chains will continue to drive the prices of Iridium.

Iridium Price Trend For the First Half of 2022

Being the rarest stable metal in the Earth’s crust, Iridium prices are volatile and fluctuate depending on changes in production, demand, sourcing, trade congestion, etc. With the current economic and political situations, the iridium prices surged globally owing to inflationary pricing.

The Iridium prices averaged 4000 USD/troy oz in January and peaked around March, averaging 5100 USD/troy oz. However, the prices stabilized during the second quarter as the precious cargoes from South Africa arrived (supplies 80% of the world’s Iridium) owing to the relaxation of trade bottlenecks.

The Iridium prices averaged 4850 USD/troy oz towards the end of the second quarter. The price trend of Iridium remained anchored in the global market, recording an average price of 4630.08 during the first half of the said year.

Procurement Resource provides latest prices of Iridium. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.