Iridium
A rare, dense platinum group metal used in crucibles, spark plugs and electrolyzers.
Overview
Iridium is among the rarest elements in the crust and is produced only as a byproduct of platinum mining, mostly in South Africa, so annual supply is measured in a few tonnes. It is one of the densest and most corrosion resistant metals, used in crucibles for growing crystals for electronics, in spark plug tips, and as a catalyst coating in proton exchange membrane electrolyzers for green hydrogen. With no futures market, prices are set by producer quotes and dealer trade, and thin supply makes them volatile, as in the sharp spike of 2021 when South African processing outages met strong demand. A layer rich in iridium at the end of the Cretaceous is key evidence for the asteroid impact that ended the dinosaurs.
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