How Much Is Iridium Worth & Why Is It So Expensive?
Uncover the reasons behind iridium's high value, its unique properties, and how to track this rare and costly metal's market price.
Iridium, an exceptionally rare and dense precious metal, is a silvery-white transition metal. It possesses unparalleled resistance to corrosion, even at temperatures exceeding 2,000°C, an extremely high melting point, and is considered the second-densest naturally occurring metal. Its rarity in the Earth’s crust makes its use in various applications notable.
Current Market Price of Iridium
Iridium commands a substantial market price, typically quoted per troy ounce or per gram, positioning it among the most expensive precious metals. As of late August 2025, the approximate market price for iridium generally fluctuates between $4,600 and $5,200 per troy ounce. For instance, recent data indicates prices such as $4,732.51 per troy ounce or $168.75 per gram. This valuation often surpasses that of gold or platinum, reflecting its unique properties and limited availability.
The price of iridium is subject to daily fluctuations driven by dynamic market forces. While spot prices provide a real-time snapshot, retail prices for smaller quantities may include dealer margins.
Key Drivers of Iridium’s Value
Several economic and market forces contribute to iridium’s high market value. Supply-side constraints play a significant role due to its extreme rarity; iridium’s abundance in the Earth’s crust is approximately 50 times lower than gold. Its limited global mining sources, primarily in South Africa, Russia, Canada, and the United States, further restrict availability.
The extraction process for iridium is both complex and costly. It is typically obtained as a byproduct of mining other platinum group metals like platinum, palladium, or nickel. The low concentration of iridium in these ores necessitates labor-intensive and expensive refinement processes. The metal’s inherent hardness and brittleness also make it difficult to machine and work, often requiring specialized powder metallurgy techniques.
Demand-side pressures influence iridium prices. Industrial growth, particularly in high-tech sectors, drives demand for this unique metal. Emerging technological advancements, such as green hydrogen production through proton exchange membrane (PEM) electrolyzers, are creating new markets for iridium. This growing industrial appetite, combined with occasional speculative investment interest, contributes to price volatility.
Primary Industrial Applications of Iridium
Iridium’s unique properties make it valuable across various industrial sectors. In the automotive industry, it is used in high-performance spark plugs due to its durability and resistance to wear and arc erosion. Its high melting point and corrosion resistance are also leveraged in aerospace, where iridium alloys form components in aircraft engines, rocket thrusters, and satellite coatings. Specialized thermal motors in spacecraft like Voyager utilize iridium containers designed to withstand extreme temperatures.
The chemical industry benefits from iridium’s catalytic properties. It serves as a catalyst in various chemical processes, including methanol conversion to acetic acid and ammonia production for fertilizers. Iridium is a component in the oxygen evolution reaction within PEM electrolyzers for producing green hydrogen. Its stability under harsh conditions makes it suitable for electrodes used in chlor-alkali production.
In the electronics sector, iridium is a component in hard disk drives, valued for its hardness and density at high manufacturing temperatures. It is also found in specialized electrical contacts and optical coatings. The medical field utilizes iridium for brachytherapy in cancer treatment and for non-destructive testing of metals in industrial radiography. Iridium is also alloyed with other metals like platinum to enhance hardness for applications such as fountain pen tips and compass bearings.
Accessing Real-Time Iridium Price Data
Individuals seeking current and historical iridium pricing information have several reliable resources available. Major commodity market websites, such as Shanghai Metal Market and Metals Daily, regularly publish updated prices for precious metals, including iridium. Financial news outlets that focus on metals and mining also provide valuable pricing data and market analysis.
Specialized online metal trading platforms and professional precious metal dealers are additional avenues for obtaining price quotes. Websites like Metals-API, Umicore, Johnson Matthey, and Caurum offer real-time or near real-time spot pricing and historical charts. Prices might exhibit slight variations across different sources due to market spreads, the specific time of data capture, or differing data feed timings. Investors and industrial buyers often consult multiple sources to gain a comprehensive understanding of market conditions.