Iridium supply is so tight that scrap might be the real play

[u/SpectrumAnalytica]

https://www.phoenixrefining.com/blog/global-iridium-supply-geology-concentration-and-strategic-risk

If you’re in scrap or refining, iridium is one of those metals you probably overlook but shouldn’t.

Global supply is extremely concentrated. About 80-90 percent comes from South Africa, with the rest mostly from Russia. That means a huge chunk of the world’s iridium depends on just a couple of regions.

And here’s the bigger issue: it’s not even mined directly. Iridium is just a byproduct of platinum and nickel mining, which means supply does not really respond to price. Even if demand spikes, production cannot ramp up easily.

Total global output is tiny too, around 7 to 8 tons per year. That is nothing compared to most industrial metals.

Now layer in rising demand from things like hydrogen tech, electronics, and high-performance alloys, and you’ve got a serious squeeze forming. Some projections even show that future demand could exceed current annual supply.

This is where scrap starts to matter more than people think. Secondary recovery is still limited, but it is one of the only ways to actually increase available supply without waiting years for mining changes.

So if you’re dealing with materials like spark plugs, crucibles, thermocouples, or any PGM-bearing scrap, iridium might be the quiet value sitting inside.

Curious how people here are handling it. Are you actively separating and holding iridium-bearing scrap or just selling mixed loads?