Iridium Prices Supported by Tight Supply and Growing Clean Energy Demand

Iridium prices are currently supported by structurally tight supply and growing demand from the clean energy sector, despite ongoing efforts to reduce material intensity through recycling and catalyst optimisation. The metal's price continues to be influenced by limited primary production, which has remained broadly stable at around 7 tonnes annually in recent years because iridium is produced solely as a by-product of platinum and palladium mining.

Supply remains highly concentrated, with South Africa accounting for more than 80% of global refined iridium output, leaving the market vulnerable to production disruptions and geopolitical risks. At the same time, demand continues to strengthen, driven by expanding deployment of proton exchange membrane (PEM) electrolysers for green hydrogen production, alongside growing use in advanced electrochemical catalysts, electronics and specialty industrial applications.

To address persistent supply constraints, producers and refiners are accelerating investment in recycling and closed-loop recovery. Secondary supply has become an increasingly important source of iridium, helping improve market resilience while reducing dependence on primary mining. Although catalyst thrifting and substitution research are progressing, commercially viable alternatives remain limited, supporting a firm medium-term outlook for iridium prices.