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 pl

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.