Platinum group metal mining production in South Africa dropped sharply in August 2026, cutting output and reducing available supply. The decline is expected to lift upward pressure on PGM prices due to tighter market conditions.
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.
| 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 rose from ~USD 258.60/Gram (FOB) in July to ~USD 268.36/Gram in August, an increase of ~3.8%. Prices advanced in July after the final investment decision on a major hydrogen hub in Australia that will use PEM electrolysers, which rely on iridium as a key catalyst. Supply remained the central constraint. Because iridium is produced only as a by-product of platinum and palladium mining, output could not respond to higher prices, and South African production held broadly steady in the first half. In China, optical communications, semiconductor and laser applications drove a surge in orders for iridium crucibles. Prices stayed broadly flat in late August, while lower-iridium anode technology for electrolysers emerged as a longer-term substitution risk.
Analyst Insight
According to Procurement Resource, iridium prices are expected to remain elevated on structurally tight supply and growing high-tech demand, though substitution efforts could temper further gains.
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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.
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
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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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