Industry Update

Professionals working in cathodic protection may have noticed a recent trend:
MMO anode quotations are changing rapidly.

This is not a coincidence. The main reason behind this volatility is the sharp increase in the price of iridium, a critical precious metal used in the coating of Mixed Metal Oxide (MMO) anodes.

In recent months, iridium has experienced a dramatic price surge, creating direct cost pressure across the global cathodic protection supply chain, iridium prices have surged by 54% in less than three months, rising from 1150 RMB/g in Dec 2025 to 1775 RMB/g in March 2026.

Broader Metal Market Pressure

The rise in iridium is part of a wider trend affecting strategic metals:

• Tungsten prices have risen nearly 80% this year, driven largely by the rapid expansion of tungsten wire demand in the photovoltaic industry.
• Gold prices have surged amid global geopolitical tensions and increased safe-haven demand.

These movements reflect growing volatility in the global strategic metals market, which increasingly affects industrial supply chains.

Why Is Iridium Rising So Rapidly?

1. Structural Supply Constraints

Iridium is one of the rarest metals on Earth. Approximately 90% of global production comes from South Africa, and expanding mining capacity can take up to a decade.

2. Explosive Demand from Green Hydrogen

The green hydrogen industry, especially PEM electrolyzers, requires iridium-based catalysts. Demand from this sector alone is growing by over 30% annually.

At the same time, iridium consumption is increasing in:

• Automotive catalytic systems
• Semiconductor sputtering targets
• Advanced chemical processes

3. High Import Dependence

In many markets, iridium relies heavily on international supply, meaning global price fluctuations are quickly transmitted to local spot markets.

Macroeconomic Factors

Global geopolitical uncertainty and resource competition are also contributing to the price surge:

• Rising geopolitical tensions are pushing investors toward precious metal safe-haven assets
• Weakening confidence in major currencies is encouraging strategic resource stockpiling

These factors are amplifying price volatility across multiple metal markets.

Manufacturers and project developers may face short-term pricing adjustments until the raw material market stabilizes.

Final Thoughts

Metal price cycles are inevitable, but corrosion protection remains a long-term investment in infrastructure safety.

We hopes that iridium prices will gradually return to a more stable level, allowing cathodic protection projects to once again focus on performance, durability, and value, rather than raw material volatility.