Iridium, a silvery-white transition metal, holds a unique position among Earth’s elements due to its extreme rarity and distinctive properties. A member of the platinum group, this dense metal is known for exceptional corrosion resistance and a remarkably high melting point. Considered one of Earth’s rarest elements, global annual production was estimated at 6,800 kilograms in 2023. Its scarcity and unique characteristics contribute significantly to its elevated value.
Current Price and Historical Trends
Iridium’s market price reflects its constrained supply and specialized demand, often exhibiting volatility. Currently, iridium trades around $168.75 per gram. This represents a substantial increase, having risen over 218% since January 2020 and more than 390% since January 2018. While its price generally trends upward due to increasing demand, the market can experience fluctuations, as seen in 2024, which marked the first year in seven its value saw a year-on-year decline. In late 2023, the price reached around $4577 per troy ounce.
Factors Influencing Iridium’s Value
The elevated cost of iridium stems from its extreme scarcity within Earth’s crust and the complex processes required for its extraction. With an average concentration of merely 0.001 parts per million, iridium is far less abundant than many other elements. This rarity is compounded because iridium is primarily obtained as a byproduct of mining other metals, such as platinum and nickel. Its supply is therefore inelastic, meaning production cannot easily scale up in response to demand, contributing to its high cost and potential for price swings.
Beyond its scarcity, iridium’s unique physical and chemical properties make it indispensable. It is the most corrosion-resistant metal known, impervious to most acids, including aqua regia. Iridium also boasts an exceptionally high melting point (2446°C), allowing it to maintain mechanical integrity in air above 1600°C. Furthermore, with a density of 22.56 grams per cubic centimeter, it is the second densest element. These combined properties make iridium uniquely suited for demanding environments, justifying its high value.
Primary Industrial Applications
Iridium’s unique properties lead to its use in several high-tech industries. One significant application is in the creation of crucibles, specialized containers for growing high-purity synthetic crystals (e.g., sapphires for LEDs). These crucibles are essential for processes requiring extreme temperatures and chemically inert environments, preventing contamination and ensuring crystal quality.
The metal also plays a role in automotive and aerospace sectors, particularly in high-performance spark plugs. Its high melting point and low reactivity ensure durability and consistent performance in combustion engines. Additionally, iridium is a component in specialized electrodes used in the chlor-alkali process for producing chlorine, where its corrosion resistance is essential for longevity in harsh chemical environments.
In the medical field, iridium finds application in various devices, leveraging its properties. Iridium-192 is utilized in brachytherapy for cancer treatment. Platinum-iridium alloys are used in pacemakers and cochlear implants due to their biocompatibility and electrical conductivity. Its high density also makes it suitable for radiopaque markers in catheters, allowing clear visualization during medical imaging. Iridium-based compounds also function as catalysts in various chemical processes, including green hydrogen production through PEM electrolyzers.
Global Supply and Market Dynamics
The global supply of iridium is highly concentrated and limited, significantly impacting its market dynamics. Over 95% of primary iridium production comes as a byproduct from platinum and nickel mining. The dominant source is South Africa’s Bushveld Complex, accounting for over 75% of global output, with Russia’s Norilsk-Talnakh region contributing most of the remainder. Smaller quantities are also sourced from Canada and the United States.
This reliance on byproduct mining means iridium supply cannot readily adjust to demand fluctuations, leading to an inelastic supply chain. The limited number of producers further contributes to this supply rigidity. Its relatively small market size, compared to other precious metals, means minor shifts in demand or supply can lead to amplified price movements and shortages. As demand grows, particularly from emerging technologies like green hydrogen production, challenges associated with its constrained supply become more pronounced. While recycling efforts contribute to supply, the complex nature of iridium recovery only partially mitigates supply limitations.