Iridium & Ruthenium: Why Your MMO Anode Costs Are Rising in 2026

If you purchase mixed metal oxide (MMO) titanium anodes — whether for chlor-alkali, wastewater treatment, cathodic protection, or electrolytic copper foil — you've likely noticed upward pressure on pricing.

The reason isn't your supplier. It's the underlying precious metals that make MMO anodes work: ruthenium and iridium.

According to Johnson Matthey's benchmark pricing, ruthenium has surged to approximately $1,750 per ounce as of March 2026 — a threefold increase from just $560 per ounce one year ago. Iridium, while less volatile in the short term, faces a structural supply crunch that will define anode pricing for years to come.

Let's break down what's happening, and what it means for your procurement strategy.

Section 1: Ruthenium — The "AI Metal" Driving MMO Costs

Ruthenium is one of the primary active components in many MMO coatings, particularly for chlorine evolution applications (chlor-alkali, seawater electrolysis, sodium hypochlorite production, seawater cathodic protection).

What's happening to prices?

Why the surge?

Ruthenium has quietly become a critical material for the AI revolution. Its extreme hardness and durability make it essential for:

· Hard disk drive magnetic layers (data center expansion)

· Semiconductor manufacturing processes

· And critically for our industry — MMO anode coatings

Metals Focus projects a 203,000 ounce supply deficit for ruthenium in 2026. MKS PAMP's Head of Research notes that "ruthenium is establishing itself as the precious metal proxy for AI buildout."

Why can't supply just increase? Ruthenium is produced only as a byproduct of platinum group metal mining in South Africa, which dominates global output. South African PGM production fell 3.8% year-over-year in January 2025, and with limited investment in new mines over the past two decades, supply is structurally capped.

What this means for you: If your MMO anodes use ruthenium-based coatings, the raw material cost component has more than tripled in 12 months.

Section 2: Iridium — The Structural Story That Matters Long-Term

While ruthenium is making headlines today, iridium is the metal that will shape MMO anode economics for the next decade.

Iridium's unique properties — it remains non-oxidizing in air up to 2,000°C and is virtually insoluble in acids — make it irreplaceable in:

· Iridium-tantalum coated anodes for oxygen evolution environments (electrolytic copper foil, hydrometallurgy, organic wastewater treatment, soil/freshwater cathodic protection)

· PEM electrolyzer anodes (green hydrogen production)

· High-performance MMO coatings for demanding electrochemical applications

Price outlook:

Heraeus, the global precious metals leader, forecasts 2026 iridium prices in the range of $3,800 to $5,150 per ounce.

But the real story is supply:

Global iridium production is approximately only 8 to 9 tonnes per year, produced as a byproduct of nickel and copper refining. Even if every ounce were dedicated solely to green hydrogen, it would only support about 30 gigawatts of PEM electrolyzer capacity — far below the 5,700 GW projected for 2050.

What this means for you: Iridium is not getting cheaper or more available. If your application requires iridium-based coatings (particularly Ir-Ta for oxygen evolution environments), you should expect continued cost pressure and consider longer-term supply agreements.

Section 3: Side-by-Side Comparison

Section 4: What This Means for MMO Anode Buyers — Practical Takeaways

The bottom line: The era of predictable, low-volatility precious metal pricing for MMO anodes is ending. Buyers who treat anodes as commodities will struggle with cost volatility. Those who build strategic partnerships with manufacturers who understand and manage these material markets will have a distinct advantage.

Section 5: A Note on Platinum Coatings

Platinum coating is another important type of titanium anode surface treatment technology. Unlike MMO (Mixed Metal Oxide) coatings, platinum coating is a pure metal coating (platinum black or platinized layer). It is primarily used for precious metal recovery, specialized electrolysis, hydrogen/oxygen evolution, and applications requiring extremely long service life.

Heraeus forecasts 2026 platinum prices in the $1,300-$1,800/oz range, driven primarily by green hydrogen and investment demand — a relatively stable outlook compared to ruthenium and iridium.

Technical note: MMO coatings refer to mixed metal oxide coatings (e.g., RuO₂, IrO₂, Ta₂O₅). Platinum coating is not technically an MMO coating, though both are often discussed together in practical engineering applications.

Section 6: Price Outlook Summary (2026)

Sources: Johnson Matthey, Heraeus Precious Metals Forecast 2026, Metals Focus

Closing Thought

At NW HENGYI METAL, we don't just manufacture titanium anodes — we track the underlying material markets that determine our clients' total cost of ownership.

With over 19 years of experience in metal products manufacturing, we understand that today's procurement decisions require more than just comparing unit prices. They require market intelligence, supply chain visibility, and a partner who communicates openly about material-driven cost pressures.

As ruthenium hits record highs and iridium remains structurally scarce, the question isn't whether your coating costs will rise. It's whether you have the right partner to help you manage them — through honest conversations, technical alternatives where feasible, and reliable delivery regardless of market conditions.

Call to Action

Need clarity on your anode costs? Whether you're concerned about precious metal surcharges, looking for coating alternatives, or just want to understand how these markets affect your next order — our team is here.

Contact NW HENGYI METAL for a consultation
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