Platinum-group metals have shown extreme divergence YTD: supply is tight across
the board, but platinum and palladium have seen sharp swings and large pullbacks
while iridium has rallied sharply, emerging as the standout in the
precious-metals complex. Iridium crucibles remain indispensable for many
ultra-high-temperature specialty crystals, limiting substitution; market
contacts say domestic iridium is trading around 2,000 yuan/gram, well above
gold. Data from major precious-metals reference platform Zhuangxin Wanfeng show
iridium rose from $4,510.71 per troy ounce on Dec. 31 to $7,850/oz on Aug. 4, a
gain of more than 70% YTD. Accelerating demand from AI and new-energy industries
is cited as a new growth driver for iridium consumption.
