Continued interest from industrial consumers and ongoing supply tightness lifted iridium prices further this week.
The Platts New York Dealer iridium prices rose to $650-$705/oz from $640-$675/oz last week, with some traders reporting offers as high as $725/oz.
Trade sources cited continued interest by a few industrial consumers, as well as difficulty in obtaining supply from miners in South Africa and elsewhere.
One European trader said he was turned down after bidding at $685/oz and was forced to pay $695/oz for a small volume.
"When I went to look for some material, no one wanted to offer," he said, putting this week's range of physical deals at $695-$720/oz.
Industrial consumers began taking notice when prices hit $700/oz and came into the market, said one international refiner/trader, who put the week's range at $695-$705/oz.
"I don't really think there's a shortage of iridium," he said. "I'm pretty sure the primary producers have plenty of iridium to sell. The question is whether they want to unload it at these prices. And the people who are buying may not have access to the primary producers," he added.
One physical dealer in the US put the range of deals this week at $640-$700, saying, "I had at least three people approach me for offers this week. It is trading on the high side."
A second US dealer said he also had been approached by dealers and was able to make sales above $700/oz earlier in the week. "There have been persistent bids from a couple of dealers," he said, putting this week's sales range between $680/oz and $720/oz.
The widening bid-offer spread was reflected in the base prices published by major European refiners this week. Johnson Matthey of the UK held its base price unchanged at $650/oz, while Engelhard Materials Services (BASF) of German kept its base price at $685/oz.
The biggest end-use market for iridium is the production of high-temperature crucibles, which are used to grow synthetic sapphire crystals for light-emitting diode (LED) displays.
