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 4000 USD/troy oz in January and peaked around March, averaging 5100 USD/troy oz. With the current economic and political situations, the iridium prices surged globally owing to inflationary pricing. Iridium Price Trend For the First Half of 2022īeing 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. The rising demand from the end-user industries coupled with the uncertainties in the supply chains will continue to drive the prices of Iridium. Implications of restrictions leading to disruptions in the supply chain dynamics of the region also led to the rise in prices.Īccording to Procurement Resource, the price trend of Iridium is expected to increase in the upcoming quarter. In China, the prices of rare earth metals including Iridium kept on increasing as the region showcases high demand from the magnet industry. 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. Along with this, the prices inclined as a result of the increasing consumer database. 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. The prices of Iridium showcased an oscillating trajectory in the third and fourth quarters of 2022. Iridium Price Trend for the Second Half of 2022 Iridium prices, too, saw a steady but consistent upward movement for both the initial quarters of the year 2023.Īccording 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. 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.Īs this technique saw an increased utilization over the course of the discussed period, the prices for this precious transition metal were bound to grow. The need for cleaner and greener fuels rose, and global economic inflation also pushed up the prices for commodities. Iridium market exhibited rising price trend throughout the first half of 2023. Iridium Price Trend for the First Half of 2023 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).
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