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Pricey & rare: Demand for iridium and ruthenium outstripping supply, these two metals are 'crucial' for hydrogen economy — Green Rush host Matt WatsonKitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity.
Watson kicked off the discussion with a chart showing that iridium and ruthenium represent a relatively small part of the PGM basket, around 11%. Iridium is worth USD$1.7 billion, and ruthenium is just over $1 billion, out of a total precious metals value of $395 billion. However, the two so-called"minor" PGM metals are essential to the hydrogen economy.
Furuya refines much of the world's iridium and ruthenium. Only 8.5 to 10 tonnes of iridium are mined yearly, yet Furuya recycles 10 tonnes yearly."Your recycle rate is more than is being mined," said Watson. Furuya recycles about three times as much ruthenium as is mined, 60 tonnes a year versus 20-22 tonnes.
"The gross demands are much higher than people realize," he said, adding,"I think both these secondary recycle markets are going to be pressed to grow further over time." Matt spent the first 15 years of his career teaching and consulting in statistical methods in a wide range of industries. Matt then transitioned to the Hard Disk Drive sector for 17-years, most of that time with Seagate Technology. It was here that Matt managed $540M in platinum and ruthenium positions.
– Contradictory economic indicators are exerting equal and opposing forces on gold prices, while silver gains production in one region only to risk losing it in another, according to precious metals analysts at Heraeus.
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