In the precious metals market, there is a new leader in the race for the title of most valuable. While some metals such as palladium, platinum and rhodium have lost their appeal due to the global energy transition, others, namely gold and iridium, have gained prominence due to their increasing value.
Today, iridium holds the title of the world's most valuable precious metal, a remarkable achievement partly attributed to the dramatic fall of rhodium.
Iridium is now trading at around 4900 dollars per ounce (approximately 28 grams), while rhodium is currently worth 4725 dollars per ounce.
Despite a slight drop of 2% in 2023, iridium remains ahead of rhodium, which has suffered a devaluation of around 84% since its peak in 2021, highlighted by an annual drop of 63.8% last year, points out jornal of business.
Platinum group metals, which include iridium and rhodium, are essential for the automotive industry, especially in catalytic converters that reduce polluting emissions. However, with the growing transition to electric vehicles and less focus on automobile pollution, demand for rhodium has decreased.
In contrast, iridium can be applied in several other industries, including emerging technologies such as green hydrogen, in addition to its traditional use in catalysts, aircraft engines, medical devices and semiconductors.
South Africa plays a crucial role in the global supply of these metals, controlling almost all of the iridium and 80% of the rhodium.
The rhodium market is particularly limited, with world production of only around 30 million tons per year. On the other hand, the world supply of iridium was only 240,000 ounces in 2023, underlining its scarcity.
