Price

Iridium Pricing and Market Data

Iridium prices experienced a dramatic surge from ~$50,000/kg in early 2020 to over $180,000/kg in 2021, driven by green hydrogen electrolyzer demand expectations against a global supply of only 7-8 tonnes/year. Prices have since stabilized at $130,000-170,000/kg. Johnson Matthey publishes the primary daily price benchmark. Iridium is one of the most expensive metals on Earth by weight. The fundamental constraint is that global iridium supply is limited by platinum mining volumes in South Africa and cannot be independently increased. This has created serious questions about whether PEM electrolyzer technology can scale for the hydrogen economy without dramatic iridium thrifting.

Pricing Mechanisms

Iridium is priced using benchmarks from Johnson Matthey/LPPM. Iridium pricing operates through a combination of exchange-based benchmarks, price reporting agency assessments, bilateral negotiation, and long-term offtake contracts. The specific mechanism depends on product form, grade, and the buyer-seller relationship.

Price History and Notable Market Events

The Iridium market has been shaped by the following key events:

Price Drivers

Key factors influencing Iridium prices include production levels in South Africa (85% of global supply), demand from spark plugs for aviation and electrochemical catalysts, inventory levels, energy costs, and government policy actions such as export restrictions or strategic stockpiling.

Spot vs. Contract Pricing

The Iridium market features both spot transactions and longer-term contracts. Spot prices reflect current conditions and are more volatile, while multi-year offtake agreements provide supply security for both producers and consumers. Current spot pricing is in the range of 160,000-200,000 $/kg.