Iridium Price Trend and Forecast 2026-2027

Europe paid the most for iridium in Q2 2026: USD 264,000/KG, up 4.3% from USD 253,000 in Q1.

Iridium is one of the rarest and densest metals on the periodic table, recovered exclusively as a by-product of platinum and palladium mining. Global annual output runs only around seven to eight tonnes, with South Africa supplying more than 80 percent of the world's refined material.

Its defining industrial use today is as a catalyst in proton exchange membrane electrolysers for green hydrogen production, a demand source that barely existed a decade ago and is now growing far faster than mine supply can follow.

Because it is a by-product rather than a primary mined metal, producers cannot simply ramp output in response to price. Any disruption at a handful of South African or Russian platinum group metal operations has an outsized effect on the whole market.

China remained the most affordable origin tracked in this report, trading roughly 3% below Europe through Q2 2026. Procurement teams sourcing across borders should factor that spread against their own freight and duty costs before comparing landed price.

Key Price Drivers

• South African and Russian platinum group metal mine output, the source of essentially all supply
• Green hydrogen electrolyser manufacturing demand, the fastest-growing use of the metal
• Catalyst recycling and thrifting rates, a slow but real offset to primary supply constraints
• Electronics, spark plug, and specialty chemical catalyst demand

Iridium Price Forecast for 2026

Green hydrogen electrolyser demand should keep pushing prices higher through H2 2026, with supply fundamentally unable to respond quickly.

Catalyst recycling and thrifting efforts are underway across the industry, but these will take years to meaningfully offset the structural supply gap.

Any further disruption to South African platinum group metal mining would likely accelerate the current uptrend rather than reverse it.

Taken together, the 4 markets in this report averaged a 4.3% increase quarter on quarter through the first half of 2026, a pace we expect to broadly continue barring a shift in the underlying cost or demand picture described above.

For the Quarter Ending June 2026

Iridium Prices Q2 2026:

• United States: USD 261,200/KG
• Europe: USD 264,000/KG
• China: USD 257,500/KG
• Japan: USD 259,800/KG

Iridium Prices in United States

United States reached USD 261,200/KG in Q2 2026, electrolyser manufacturers kept securing volume ahead of anticipated further, making it the 2nd most expensive of the 4 markets tracked here this quarter.

Why did the price of Iridium change in Q2 2026 in United States?

Electrolyser manufacturers kept securing volume ahead of anticipated further tightening, pushing prices higher again, which puts United States roughly 0.2% above the average across the 4 regions this report tracks.

Iridium Prices in Europe

Europe rose 4.3% to USD 264,000/KG in Q2 2026, strong green hydrogen project activity across the region kept, ranking it the priciest among the 4 markets this report follows.

Why did the price of Iridium change in Q2 2026 in Europe?

Strong green hydrogen project activity across the region kept European pricing at the top of this group, working out to Europe trading about 1.3% above this quarter's 4-region average.

Iridium Prices in China

USD 257,500/KG. That is where China landed in Q2 2026, up 4.3% from USD 246,800/KG in Q1 2026, placing it the most affordable across the 4 regions covered in this report.

Why did the price of Iridium change in Q2 2026 in China?

Domestic catalyst and electronics demand tracked the global increase, though China remained the most affordable of the four markets, leaving China running roughly 1.2% below the 4-region average for the quarter.

Iridium Prices in Japan

Japan's price gained 4.3% to USD 259,800/KG, steady industrial and technology sector demand kept Japanese pricing, putting it the 3rd most expensive of the 4 markets tracked this quarter.

Why did the price of Iridium change in Q2 2026 in Japan?

Steady industrial and technology sector demand kept Japanese pricing closely aligned with the broader global trend, with Japan now sitting about 0.3% below the 4-region average this quarter.

For the Quarter Ending March 2026

Iridium Prices Q1 2026:

• United States: USD 250,500/KG
• Europe: USD 253,000/KG
• China: USD 246,800/KG
• Japan: USD 249,000/KG

Iridium Prices in United States

United States reached USD 250,500/KG in Q1 2026, constrained South African refined output continued to limit available, making it the 2nd most expensive of the 4 markets tracked here this quarter.

Why did the price of Iridium change in Q1 2026 in United States?

Constrained South African refined output continued to limit available supply as the year opened, and prices rose sharply as a result, which puts United States roughly 0.3% above the average across the 4 regions this report tracks.

Iridium Prices in Europe

Europe rose 10.0% to USD 253,000/KG in Q1 2026, european electrolyser demand kept building through the quarter supporting, ranking it the priciest among the 4 markets this report follows.

Why did the price of Iridium change in Q1 2026 in Europe?

European electrolyser demand kept building through the quarter, supporting a strong early-year increase, working out to Europe trading about 1.3% above this quarter's 4-region average.

Iridium Prices in China

USD 246,800/KG. That is where China landed in Q1 2026, up 10.6% from USD 223,167/KG in Q4 2025, placing it the most affordable across the 4 regions covered in this report.

Why did the price of Iridium change in Q1 2026 in China?

Domestic demand firmed alongside the global trend, even as China held the most competitive pricing of the group, leaving China running roughly 1.2% below the 4-region average for the quarter.

Iridium Prices in Japan

Japan's price gained 10.3% to USD 249,000/KG, technology and industrial catalyst demand supported a steady early-year, putting it the 3rd most expensive of the 4 markets tracked this quarter.

Why did the price of Iridium change in Q1 2026 in Japan?

Technology and industrial catalyst demand supported a steady early-year gain, with Japan now sitting about 0.3% below the 4-region average this quarter.

Quarterly Iridium Price Trends

The global average climbed steadily across the window, from USD 169,000/KG in Q1 2025 to USD 260,625 by Q2 2026, a gain of 54.2% over six quarters.

What was Iridium Price in 2025?

Iridium pricing trended upward through 2025 on a global average basis, starting the year around USD 169,000/KG and ending it at USD 226,567, a 34.1% increase over the four quarters.

Iridium Prices in United States in 2025

United States prices moved from about USD 170,000/KG in Q1 2025 to USD 227,362 by Q4, up roughly 33.7%, placing United States 2 of 4 tracked markets as 2025 closed out.

Iridium Prices in Europe in 2025

Europe prices moved from about USD 172,500/KG in Q1 2025 to USD 229,899 by Q4, up roughly 33.3%. Europe closed the year ranked 1 of the 4 markets this report tracks.

Iridium Prices in China in 2025

China prices moved from about USD 165,000/KG in Q1 2025 to USD 223,167 by Q4, up roughly 35.3%, leaving China in 4 place among the 4 tracked markets heading into the new year.

Iridium Prices in Japan in 2025

Japan prices moved from about USD 168,500/KG in Q1 2025 to USD 225,839 by Q4, up roughly 34.0%. That left Japan ranked 3 of 4 tracked markets heading into 2026.

How We Can Help

Expert Market Research: Your Source for Real-Time Iridium Price Intelligence

Tracking iridium prices means tracking what actually moves them: platinum group metal concentrate costs, regional demand shifts, and the policy decisions that touch both. Our team maintains that view across every region in this report, refreshing it as conditions change.

Rather than a single static figure, our forecasts blend capacity data, feedstock cost trends, and demand signals from across the regions we cover, built specifically to support procurement budgeting and supplier negotiations.

Reach out to our analysts for a deeper regional breakdown, historical data extending beyond the six quarters shown here, or a custom iridium sourcing analysis tailored to your specific procurement footprint.