Iridium market must seek careful balance

Thrifting, substitution and recycling will be key to avoid imbalance in market for precious metal used in electrolysers

Action is needed to ensure that a supply-demand imbalance does not emerge in the iridium market as the hydrogen economy develops, according to panellists on a webinar organised by German technology group Heraeus. Iridium is a precious metal used in catalysts in proton-exchange-membrane (PEM) electrolysers. It is one of the rarest elements on earth and is mined from the same ore as platinum and other platinum group metals (PGMs). Thin volumes in the iridium market make it vulnerable to price shocks. In early 2021, prices quadrupled to an all-time high of $6,000/oz due to a mine closure in South Africa, where around 80% of iridum is mined. This triggered concerns among PEM manufacturers about